New York
TUDOR Investment Corp, one of the oldest and most expensive hedge funds, is trimming fees as the finance industry's highest-paid money managers face a growing backlash over their lacklustre performance.
The US$11.6 billion firm, run by billionaire Paul Tudor Jones, will reduce fees for a share class that contains most of its biggest fund's money to 2.25 per cent of assets and 25 per cent of profits, starting July 1, according to a letter sent to clients on Monday and obtained by Bloomberg. The fees were 2.75 per cent and 27 per cent.
"A half-per-cent cut in management fees and 2 per-cent cut in the carry won't make a fund that was losing investors attractive enough to keep them," said Erik...
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