This feels serious – and not just because of the size of Paul Tudor Jones’ flagship $10bn Tudor BV fund.
The real point is that Tudor is down just 5 per cent year-to-date, albeit 12 per cent from the high water mark in June. And yet there is still a need to stop clients withdrawing funds and organise a restructuring, where illiquid assets will be placed in a new fund with lower fees.
If the man who famously predicted the crash of 87 is having to take such drastic action now, what is the experience elsewhere?
There’s also an added bonus attached to this post on Mackintosh’s table in the Long Room.