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Tudor Jones suspends withdrawals from flagship fund!
By Amarendra Bhushan for CEOWORLD Magazine Updated:December 1, 2008
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Hedge-fund pioneer Paul Tudor Jones, Tudor Investment Co., run by hedge fund pioneer Paul Tudor Jones, temporarily suspended redemption from the $10 billion BVI Global Fund Ltd. as it splits the hedge fund into two, Bloomberg reported Monday quoting a person familiar with the matter.
According to the report, Tudor Investment would place particularly corporate bonds and loans from emerging markets into a new fund Legacy. BVI Global would concentrate on easier-to-trade stocks, bonds, commodities and currencies, while Legacy would be dealing hard-to-sell investments.
In addition, the report said the investors have asked to withdraw 14% of their money from BVI Global as a result of 5% loss this year through November. Tudor that oversees $17 billion would ask BVI Global investors to approve the plan to divide the assets into Legacy and BVI Global in next two months.
The report also said, “Tudor wouldn’t be able to charge investors a performance fee until the Legacy assets regained their high watermark, or peak value.”
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