Tutor Capital Management
Tutor Capital | Hedge Fund Notes
The following piece on Tudor Capital is being published as part of our daily effort to track hedge funds in the industry. To review other hedge fund research notes please see our Hedge Fund Tracker Tool.
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Resource #1 (3.1.09) Tudor Investment, the giant hedge fund firm run by the billionaire Paul Tudor Jones, has formed a new fund to invest in the global futures markets following gains of 36 percent in its current futures fund last year.
The new investment vehicle, called the Tudor Momentum Fund, has collected about $51 million since it started trading last December, according to people briefed on the fund. It is being run by Steve Evans, who also manages the $870 million Tudor Tensor Fund, which bets in many areas, be it currencies or commodities. source
Resource #2: (12.3.08) Hedge fund firm Tudor Investment Corp plans to split its $10 billion BVI Global Fund into two separate funds and told investors they won't be able to get their money out until after the restructuring is completed.
Paul Tudor Jones -- one of the world's most prominent hedge fund managers, who founded the firm in 1986 -- said he plans to move assets that are difficult to sell right now into a new fund called Legacy. The more liquid assets will be kept in the Tudor BVI fund, he told clients in a letter last week.
The move comes at a time when the BVI fund, which makes big bets on economic trends, is down roughly 5 percent and investors have told management that they want to pull out roughly $1.4 billion, or about 14 percent of the fund's assets, at the end of the year. The fund has posted average annual returns of 22 percent since it was founded 22 years ago. source
Resource #3: Thursday that it bought a 15% stake in Helios Capital Management, an India-focused hedge fund, as the $15 billion hedge fund firm run by Paul Tudor Jones II continues to expand in Asia.
"Asia, and in particular India, continues to offer exciting and interesting new investment opportunities," Jones said in a statement.
Tudor Group has invested $50 million in Helios Strategic Fund, an equity hedge fund focused on India.
Additionally, the firm agreed to invest another $50 million in the new Helios Multi Asset Opportunity fund, which will invest in private equity, publicly traded stocks and real estate in India, the firm said in a statement.
Helios, which oversees $490 million in assets, was founded by former Alliance Capital executives Dave Williams, Karan Trehan and Samir Arora.
Under the agreement, the research team at Helios will provide strategic support and perspective on India to Tudor. source
Resource #4: With registered hedge fund assets of about $10 billion according to Eurekahedge, the hedge fund industry in Singapore is smaller than in Hong Kong, which has about $33.5 billion in hedge fund assets, according to official data.
But adding Singapore-registered hedge funds to global hedge fund assets managed here, Merrill Lynch estimates that hedge fund assets managed in Singapore total up to $25 billion and could rise to $100 billion in three years.
While several smaller hedge funds rent space in between the restaurants and tea houses of Telok Ayer Street and Amoy Street, the centre of much of the hedge fund action is One George Street, a gleaming 23-storey office block. source
Resource #5: Ex-Goldman Sach trader Chris Clarke and Hans Summers, ex-Tudor Capital analyst and programmer, have joined forces with KTH Fund Management to launch the Westferry Global Markets Fund.
The offshore fund started trading in April 2006, and after 5 months of trading with only partners' capital, the fund will open to third party investors in September 2006. The Fund is a systematic futures trading fund that aims to capture long term trends across a large portfolio of liquid and uncorrelated markets.
When asked about the advantages of Westferry Global Markets Fund, CEO and Senior Partner Chris Clarke said: 'We will offer an extremely competitive fee structure with fund remuneration being based almost solely on performance, plus the quality, experience and track record of the partners speaks for itself'. source
Resource #6: One would think that a hedge fund that specialize in metals and the like would have struck gold with the current spike in commodity prices, but TheStreet.com reports that’s not been the case so far this year for Ospraie Management. While the Commodity Research Bureau’s Metal Index has soared 45%, the New York-based hedge fund has seen a 10% drop in its flagship fund. According to TheStreet, the root cause is a series of “bearish bets” on cooper and silver, which have been charging like a bull. Sol Waksman of the Barclay Group told TheStreet that it is understandable how this could happen to a fund like Ospraie, especially one whose pedigree includes the likes of founder Dwight Anderson, a veteran of both Tiger Management and Tudor Investment. source
Resource #7: According to the Times:
More than $100 billion worth of wealth sat around the table, including Paul Tudor Jones of Tudor Capital; Steven Cohen of SAC Capital; Stanley Druckenmiller of Duquesne Capital; and James Chanos of Kynikos Capital, according to a person who was briefed on the dinner.
2. Paul Tudor Jones, Tudor Capital.
Forbes (Sept. 2006) says this Jones is the 117th richest person in the world and still climbing, worth an estimated $2.5 billion at present. Tudor Jones had a big year in 2005 ($500 million) and didn't do bad in 2006, ($300 million.) Jones lives in Greenwich Connecticut. source
Resource #8: On a cold evening in late January, Senator Charles Schumer, Democrat of New York, invited a who's who of hedge funds to dinner at the Bottega del Vino restaurant here. More than $100 billion worth of wealth sat around the table, including Paul Tudor Jones of Tudor Capital; Steven Cohen of SAC Capital; Stanley Druckenmiller of Duquesne Capital; and James Chanos of Kynikos Capital, according to a person who was briefed on the dinner.
Schumer had some simple advice for the billionaires in his midst: If you want Washington to work with you, you had better work with one another better. source
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