Neil Chriss is shuttering his $2.2 billion hedge fund firm and returning all capital to investors, joining several veteran managers calling it quits this year.
Bloomberg News: "We have not delivered on our performance goals for three years in a row," Chriss said in a letter to investors dated Nov. 30. "During this period, we sought to adapt and invest in talent and strategies to ensure we had the best team to generate long term results for our investors. We fought hard, but did not deliver the performance that you expected from us."
In the meantime, Bloomberg News also reports that Paul Tudor Jones is shaking up his hedge fund, which has been battered by investor withdrawals.
Tudor Investment Corp. is closing its Discretionary Macro fund and letting investors shift assets to the main BVI fund as of January 1st, according to an investor letter seen by Bloomberg News. Jones will also principally manage Tudor’s flagship BVI fund, which will be the firm’s only multi-trader fund next year, the November 30th letter said.
Andrew Bound and Aadarsh Malde, who were co-chief investment officers of the discretionary macro fund, will be leaving by mutual agreement, the letter said. The Discretionary Macro fund is made up of multiple managers not including Jones himself. Jones, who ran the BVI fund with a team of managers, will now have a smaller team and will assume a more dominant role in the fund.