"An unfortunate consequence of these new circumstances isMens Stability Control that we will no longer be able to manage assets for anyone other than a family client as defined under the regulations," Jonathan and Robert Soros said. Soros joins a growing list of fund managers who have recently revamped their businesses in the face of fresh regulation. Stanley Druckenmiller, Soros' long-time deputy who helped engineer the firm's winning bet against the British pound in 1992, returned money as did Chris Shumway, who was mentored by another industry great, Julian Robertson. Earlier this year Carl Icahn did the same. For some outsiders the trend is raising some red flags. "If the top money managers are closing shop because of overly onerous regulations, then this will ultimately be to the detriment of our institutional investors," said Jim Liew, who teaches finance at NYU's Stern School of Business. "In this environment, we actually need more hedge fund activity: hiring people, raising capital, allocating money, and ultimately stimulating our economy," he added. More bark than bite Soros' decision to return money sounds dramatic but the move is expected to be more symbolic than disruptive. The firm is not expected to shrink in size from its roughly 100 employees and George Soros is expected to remain as active in managing money as he always has been. Soros, and Anderson, recently unwound a huge bet on gold, selling off almost USD 800 million of exchange-traded funds that hold gold during the first quarter, according to a recent SEC filing. Soros also slashed stakes in gold mining stocks like Kinross Goldpuma shoesand Novagold Holdings. Indeed even Carl Icahn, who returned outsiders' money, has not retreated from the public stage and recently made a prominent play for bleach maker Clorox. And Julian Robertson, who long mentored some of the industry's next generation of stars, is now letting outsiders invest along side him again. George Soros' particular focus on philanthropy may have played a hand in his decision to manage only his own money as his support for liberal causes and candidates have increasingly made him into a lightning rod for conservatives. Last year, Soros told Reuters "I will effectively give away half my income as I earn it and the other half I will give away on my death." Outsiders interpret this to mean he wants to make more and now it may badidas golf shoes 4.0e easier to act on his own. "The trades that people will have to conduct in the future in order to make money may not be very politically correct -- you may have to short the dollar and do other things that are considered unpatriotic-- and making those bets may be easier without having limited partners calling up to complain," said Charles Gradante, co-founder of Hennessee Group which invests with hedge funds but has no money with Soros right now.