Hedge fund billionaire said to force traders to take on more risk

'We have to think outside the box'.

Billionaire Paul Tudor Jones, who’s facing his worst performance since the global financial crisis, wants to show investors he hasn’t lost his mojo.

Bloomberg News reports that Jones, the legendary macro trader, told investors in an August 16 letter that he will manage a larger chunk of their money himself. He also said managers at his $11bn Tudor Investment will be forced to take more risk.

“We have to think outside the box,” Jones, 61, said in the letter obtained by Bloomberg. “I firmly believe the changes we have made put us in a position to be successful even in this desultory macro environment.”

Jones’s moves are central to his shakeup of his hedge fund, which this week cut 15% of its staff and earlier lowered some fees to stem an exodus of investors, who’ve pulled $2.1bn this year. His remaining managers will be given more money to run, according to the letter. Some have been paired with scientists and mathematicians to bring new analytical rigor to their trading as part of a quantitative revamp of the firm.

To access the complete Bloomberg News article hit the link below:

Tudor Demands Managers Take More Risk in Hedge Fund Shakeup

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