The hedge fund Tudor BVI, led by investor Paul Tudor Jones, has announced a restructuring to split toxic assets out of the $10 billion fund and has suspended redemptions until it is complete, The Financial Times reports.
“I recognise that a restructuring is an unwelcome, but I believe necessary, step against the backdrop of Tudor BVI’s 22-year history of unbroken profitable years,” Jones wrote in a letter to investors. “I believe it is but a brief step, however, on the road to important long-term changes for the benefit of all investors.”