Billionaire investor George Soros says he will concentrate on philanthropy rather than aggressive investment tactics, Bloomberg News reported June 15.
Soros funds a network of foundations in 31 countries throughout central and eastern Europe, the former Soviet Union, central Eurasia, southern Africa, Haiti, Guatemala and the U.S.
Those foundations promote what Soros calls an Open Society, one that protects the rights of citizens and promotes democratic government and a market economy.
In 1998, Soros’ charities spent a total of $574 million.
Soros is dismantling his hedge-fund group, once the world’s largest. At the end of April, he said he would stop making the big, leveraged deals that were his specialty.
Instead, Soros will aim for a return of 15 percent, less than half his average annual return since opening the fund.
For full text, go to Bloomberg.