Billionaire investor George Soros is continuing to overhaul the management team of his Soros Fund Management LLC, which is converting from a hedge fund to a family office.

The octogenarian fund manager, who is in the process of returning $1 billion to outside investors, announced in a September 19 letter that Scott Bessent is joining as the firm's new chief investment officer.

Bessent, a former Soros fund alum, most recently was a senior partner and director of research for Protege Partners. He will takeover for Keith Anderson, who stepped down as the fund's chief investment officer in July.

In rejoining Soros, Bessent will oversee investment decisions for a family office which will still manage well over $20 billion in assets, even after money is returned to outside investors.

Next year hundreds of hedge funds will have to register with the Securities and Exchange Commission. But an exception the registration requirement exists for family offices that manage little outside money.

Meanwhile, Jonathan Soros, one of George Soros' three children, will be stepping back from day-to-day operation of the fund, according to a letter from a person close to the Soros fund. In the letter, the elder Soros said his son will now be free to pursue his interests more directly, including serving as chairman of the family's foundation.

(Reported by Matthew Goldstein)

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