Tudor Laying Off Staff in Response to Poor Returns

August 18, 2016 James Heinsman Hedge Fund News

Paul Tudor Jones, manager of Tudor Investment, fired about 60 of his employees, or 15 percent of his workers. Poor returns and investor redemptions are said to have been behind the move.

Tudor manages about $11 billion for high net-worth investors, sovereign wealth funds, and pension funds. It is also one of the oldest hedge fund firms still in business.

The company’s flagship fund, Tudor BVI Global makes bets on international trends such as currencies and interest rates, has grown by 18 percent on average per year since its inception in 1986. This year is not one of its better years, however, with a down turn of about 2.5 percent as of late July.

The company’s other funds are all losing money this year, after making a profit last year, a year when the average hedge fund was in the red.

Several global macro funds are also losing money this year, and the average hedge fund this year has grown by a meager 3 percent. Layoffs are becoming a common site in the hedge fund industry as investors are demanding fee cuts and even their money back as they see poor returns on their investments. This summer Pershing Square Capital Management, another hedge fund giant, laid off about 10 percent of its workforce.

Paul Tudor Jones, Tudor BVI Global, Tudor Investment,

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