Last time we looked at Tudor Capital's operation in Europe, it had been hiring and the London office seemed to have escaped promised redundancies after persistent investor withdrawals. Six months on, and a partner who joined after working for J.P. Morgan has left.
A macro-focused portfolio manager, Munns joined Tudor from Omni Partners, where he co-managed the macro fund, in August 2014. Prior to Omni, he spent three years at J.P. Morgan and two years at RBS.
Munns' exit comes as Tudor decided to shutter a discretionary macro fund in December 2017 due to poor returns. It's not clear whether Munns worked on this fund. or decided to leave of his own accord. Andrew Bound and Aadarsh Malde, the London-based co-chief investment officers on the discretionary macro fund, left shortly after its closure was announced.
Hedge funds as a whole had an excellent 2017, with the average fund producing returns of 8.5%. Macro funds, however, managed returns of just 2.5% last year. “It has been a frustrating several years for macro trading and for me especially,” Tudor founder, Paul Tudor Jones, wrote in a letter to clients in December. “But I believe the environment is on the verge of a significant change.”
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