Tudor Investment opened a $500 million hedge fund, its first new fund to bet on macroeconomic trends in a decade, according to four investors briefed on the matter.
Founder Paul Tudor Jones won’t be among the 14 portfolio managers of the Tudor Discretionary Macro Portfolios, which was seeded with $150 million from the firm, said the people, who asked not to be named because the information is private. Mr. Jones oversees two other funds, including the main Tudor BVI Global, which has $9 billion in assets.
Tudor’s new offering will allow the managers to increase the amount of money they oversee, as funds that wager on macroeconomic events have attracted investors this year. The firm’s flagship Tudor BVI Global has limited client deposits since 2010 so that its performance isn’t hindered, the investors said.
Mr. Jones will serve as chairman of the fund and sit on its seven-member investment committee.
In addition to attracting new capital to the firm, the fund could also help in succession planning for Mr. Jones, who started Tudor in 1984. Mr. Jones has told investors that he has no plans to retire and that he sees many compelling market opportunities over the next four or five years that will keep him trading.
Shawn Pattison, a spokesman for Tudor, declined to comment on the new fund. Tudor manages $11.4 billion in assets.
