Paul Tudor Jones hit by credit crunch

Paul Tudor Jones, join the club. The famed hedge fund manager has been forced to suspend redemptions, like so many of his peers, in the face of what has been a debilitating rush to the exits. The Financial Times reports he sent investors a letter explaining that clients were seeking to redeem 14 percent of the Tudor BVI fund at the end of the year. That would have left the fund holding too large a proportion of illiquid assets, particularly corporate credit in emerging markets. Which is unfortunate, in a sense, because the Tudor BVI fund has fared well, relatively. It's down only 5 percent. He's planning to split the bad assets out of the fund. After such assets are culled, he'll once again open the redemption doors to the main fund, which will remain a macro fund.

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