Another US hedge fund to convert to family office

Henry Swieca is reportedly planning to turn his $500 million (€383.6 million) hedge fund Talpion Fund Management into a family office because of new Securities and Exchange Commission regulations in the US.

The 54-year-old, one of the founders of alternative investment company Highbridge Capital Management, will return money to outside investors, according to Bloomberg.

George Soros is also turning his Soros Fund Management into a family office in a bid to avoid the rules, which require firms to register with the SEC by March 2012 if they want to manage the money of outside investors.

Hedge funds with more than $150 million in assets will have to provide information about their investors and employees, as well as details on potential conflicts of interest and the assets they manage.

Talpion, which is expected to return about $100 million to outside investors, has not responded to a request for information about its plans.

Swieca set up Talpion in 2009, after spending 17 years at Highbridge, which manages about $26 billion.