Soros Returns Capital, Avoids Dodd Frank

Robert Holmes at The Street:

Soros will return money to investors by the end of the year, Bloomberg reported Tuesday, citing two people briefed on the matter. Soros Fund Management will focus on managing assets for his family, according to a letter to the firm’s investors. Soros will turn 81 on August 12.

Mmmhm.

The reason? Under new requirements from the Dodd Frank act, hedge funds are required to register with the Securities and Exchange Commission by March 2012 if the fund continues to manage more than $150 million in assets for outside investors. The new requirements would call for funds to report information about the assets they manage, potential conflicts of interest, and information on investors and employees. The act allows an exemption for what the Commission considers “family office” advisers.

Translation: “You wouldn’t like what I’m doing with this money.”