Hedge-fund manager Paul Tudor Jones is closing the Tudor Futures Fund, the first hedge fund he ever opened, in order to focus on his far larger flagship fund, Tudor B.V.I. Global, according to people familiar with the matter,
In a recent letter to investors, the respected trader from the so-called macro school, which handles everything from stocks to commodities and currencies, noted that the $300 million Tudor Futures Fund was taking a disproportionate amount of his money-management company's resources for the amount of money it managed. Tudor Investment manages a total of roughly $12 billion, said someone with knowledge of the matter.
The erstwhile futures fund's assets will be returned to investors, said the people familiar with the matter, one of whom noted that since its founding in 1984, it had never had a down year.