CNBC's Robert Frank reports managing one's family money has
become very popular with hedge fund billionaires.
For hundreds of years, family offices have been the
financial equivalent of social registers—small, musty preserves of the rich
that have little impact on the real world.
But now, due to a giant regulatory loophole, family offices
are becoming major players in financial markets. A string of billionaire hedge
funders—including George Soros, Carl Icahn, and Stanley Druckenmiller—have all
transformed their hedge funds into family offices managing billions of dollars.
SAC, the giant hedge fund run by Steve Cohen, could become next in line, as the
fund grapples with redemptions and government investigations…. People close to SAC say the company has no
plans to become a family office…..
Wait...wait...there's more at http://www.cnbc.com/id/100791423
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