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Hedge fund increases profits by $94m, cuts headcount and pay

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The UK arm of Paul Tudor Jones’ Tudor Investment Corporation increased profits by over $94m over the 12 months to March 2014, but reduced the number of investment management staff it employs and cut back on pay.

Tudor Capital (UK) Ltd, one of two legal entities the hedge fund uses for its European operation, posted operating profits of $160.3m in year to 30 March 2014, up from $66.2m, according to recently released accounts.

In such circumstances, you might think that it would be a more generous payer and look to poach some top investment staff to help consolidate its position. In fact, the firm now has just 25 investment management staff, down from 29 the previous year and headcount is down by six people, to 71 employees.

Pay, meanwhile, was $21.1m (compared to $24.9m in 2013), which equates to an average payout across the organisation of $297.1k. Even equating for the reduction in headcount, last year’s average payout was $323k.

Tudor, like most UK-based hedge funds, has more than one legal entity and released figures for Tudor Capital Europe – the limited liability partnership – in July. There, it allocated a hefty $146.2m in pay to its 19 members, with the best paid partner receiving $4.99m.

Tudor Capital (UK) Ltd is not registered with the FCA, but the European arm of the group is and has been hiring throughout 2014. It started the year with 52 people and has hired another ten employees registered with the FCA.

As we reported previously, Tudor hired Robert Gold, a former Goldman Sachs MD who was latterly working for hedge fund Idalion Capital, and Will Holt, who was previously a partner at systematic hedge fund Octave Investment Management.

 

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