Are Tudor Investment Corp's job cuts hitting its London operation?
In the summer of last year, Paul Tudor Jones’ hedge fund, Tudor Investment Corp, said that $2bn worth of investor withdrawals would force it to cut around 15% of its 400-strong workforce.
In London, however, there’s little sign of these redundancies. In fact, over the course of the year to 31 March 2017, Tudor increased its UK headcount – albeit by just two people.
Tudor had 90 people employed in the UK as at the first quarter of 2017, according to accounts released today on Companies House, up from 88 last year. 39 of those worked in investment management positions, down slightly from 40 people in 2016.
Tudor’s London operation made $68.4m in the 12 months to 31 March 2017, down from $78.9m last year. It shelled out $20.2m in compensation, or around $225k per head, which is largely flat on last year.
The hedge fund also has 24 partners – one person has departed over the past year – and paid them $68.4m, down from $78.9m a year earlier. The highest paid senior manager received $10.8m, which is a reduction from $14.9m.
Tudor employed 409 people globally in August last year, but announced plans to cut 15% of headcount in both the front office and support functions, according to reports on Bloomberg. It was targeting London and Singapore, as well as its Greenwich, Connecticut headquarters, with under-performing portfolio managers most likely to face the axe.
The Financial Conduct Authority register paints a different picture of Tudor’s UK operation, however. It now has 47 approved people on the register, down from 58 at the end of last year.
Most notably, star trader Chris Tuohy departed in December and is now running his own energy company called Speeca. Shawn King, who was a partner and global head of HR was promoted to chief executive officer of Tudor’s UK operation in November.
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