Asset Management Minus the Clients

I have a piece up today at the Wall Street Journal looking at two industry trends running on parallel tracks…

Yesterday the news broke that legendary hedge fund manager George Soros was through with running money for other people.  He’s decided to avert the coming Dodd-Frank registration rules by becoming a $25 billion family office (that’s some family!).

George Soros is following a long and growing train of managers like Steve Cohen and Soros’s own former Number 2 Stanley Druckenmiller in returning outside money and circling the wagons.  While the given reason was that he simply didn’t wish to comply with a new raft of rules and regs, one can’t help but notice the parallel between this and another burgeoning trend in wealth management: The adviser-managed ETF.

Read the rest:

Life After ‘Other People’s Money’ (WSJ)