Soros Adds to Motorola Solutions, Reduces Citigroup, Wells Fargo
George Soros, the billionaire who is returning money to outside investors to focus on his family’s assets, added to shares of Motorola Solutions Inc. while cutting most of his stakes in Citigroup Inc. and Wells Fargo & Co. in the second quarter.
Soros Fund Management LLC bought 1.2 million shares of Motorola Solutions, bringing his holding to 5.7 million, the firm said today in a filing with the U.S. Securities and Exchange Commission. The New York-based firm sold 2.9 million shares of Citigroup and 3.4 million shares of Well Fargo, according to the filing.
New financial regulations would have forced the firm to register with the SEC by March 2012, prompting the decision to run it as a family office, Soros’s sons, Jonathan and Robert, wrote last month in a letter to investors. Soros, who controls more than $24.5 billion for himself, his family and his foundations, will return about $1 billion in clients’ money by year-end, two people briefed on the matter said at the time.
Motorola Solutions, the maker of bar-code scanners and walkie-talkies, split in January from Motorola Mobility Holdings Inc., which today said it would be acquired by Google Inc. for $12.5 billion. Motorola Solutions shares have climbed 9.2 percent this year.
Soros sold his entire stake of 116,210 shares in Internet company Google in the quarter, the filing shows. He added 498,240 shares of Polo Ralph Lauren Corp., doubling his stake.
Soros, 81, is best known for his 1992 bet that the Bank of England would be forced to devalue the pound, a wager that resulted in a $1 billion profit for him.
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