Wednesday, 29 June 2016
Last updated 1 hour ago
Mar 26 2014 | 1:42pm ET
Tudor Investment Corp. is pulling the plug on its nine-year-old Tensor Fund.
The hedge fund told clients yesterday that it would return the $120 million remaining in the once-$1.1 billion quantitative fund by the end of April. Tensor has lost money for three straight years.
Clients will have the option to put the returned capital into a managed account that will continue to employ the Tensor strategy. The fund’s manager, Steve Evans, and his team will remain at Tudor, running the managed account, Tudor’s Momentum Fund and the firm’s quantitative research team.
Tensor lost 10% in 2011, 2.2% in 2012 and 3.4% last year. The fund was on track for its fourth-straight losing year, down 2.3% through March 14.