Hedge fund Tudor Capital hired some new London portfolio managers as profits fell 40%

Tudor Capital Europe, the London branch of Paul Tudor Jones' hedge fund, didn't have a great year in the 12 months to March 2024. Despite - or because of - this, it hired some new portfolio managers and increased pay for its rank and file.

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Accounts just filed for Tudor Capital Europe in the year to March show the firm adding 11 new portfolio managers last year, an increase of 22% on the 49 it had previously. At the same time, pay for the average of Tudor's total of 101 employees in London rose from $299k to $316k (£227k to £240k).

While this might sound generous, it's a lot less than rival US hedge funds in London are paying. At Millennium, for example, average pay per employee in London is $1.3m. 

Tudor Capital's ten London partners have also had their pay pruned. In the year to March 2024, profits available for distribution between partners fell 38% to $66m as turnover declined 30% to $143m. The highest paid partner received $19m, instead of $33m the year before. As usual, this was almost certainly a corporate partner (Tudor Overseas Holdings) instead of an individual. 

Paul Tudor Jones was one of the pioneers of hedge fund investing and was initially focused on the discretionary macro space, but has moved towards more systematic strategies. Recent London recruits include David Anderson, a former Millennium senior portfolio manager, who joined in May 2024 to trade macro and FX. Last year's hires include various quants (eg.  Jaytosh Chaturvedi, a former Goldman Sachs strat).

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