Key Takeaways
- • Dirk Jeschke, 32-year-old former portfolio manager at Paul Tudor Jones' Tudor Investment Corporation, is launching a macro hedge fund in London in Q1 or Q2 2018.
- • Jeschke's fund will focus on medium- to long-term systematic macro strategies with emphasis on diversified return streams across asset classes, investment styles, and market flows to reduce volatility and business cycle risk.
- • Jeschke held the position of portfolio manager at Tudor Investment Corporation from 2015 through May 2017, managing multi-asset class macro strategies before departing to establish his independent venture.
- • The departure follows a pattern of senior talent migration from Tudor Investment Corporation, with global head of portfolio strategy and risk Dario Villani also reportedly preparing a separate new venture.
- • Jeschke's experience spans institutional-quality roles including PIMCO's G-10 rates and FX team, PIMCO's largest macro hedge fund, and Morgan Stanley's quantitative and derivative trading strategies division in Hong Kong.
Summary
Dirk Jeschke, a 32-year-old portfolio manager departing Paul Tudor Jones' Tudor Investment Corporation, is establishing an independent hedge fund in London with an anticipated launch in the first or second quarter of 2018. Jeschke served as portfolio manager at the Greenwich, Connecticut-based Tudor Investment Corporation from 2015 through May 2017, where he focused on multi-asset class macro strategies before deciding to launch his own venture.
The fund's investment thesis emphasizes medium- to long-term systematic macro strategies balanced across diversified return streams. According to Jeschke's own description, the fund targets strategies with "a sound economic rationale going forward and a long history of strong risk-adjusted returns over a full business cycle." This approach aims to generate returns from exposure to multiple asset classes, investment styles, trends, and market flows—designed to achieve portfolio resilience across short-term volatility, liquidity shocks, and macroeconomic cycles.
Jeschke brings substantive institutional experience to his new venture. Prior to joining Tudor Investment Corporation, he served on PIMCO's G-10 rates and foreign exchange team and worked within PIMCO's largest macro hedge fund. He additionally spent time at Morgan Stanley's quantitative and derivative trading strategies team based in Hong Kong, suggesting a deep background in systematic and quantitative macro approaches.
The departure represents part of a broader talent migration from Tudor Investment Corporation. Dario Villani, global head of portfolio strategy and risk at Tudor, is also reportedly preparing a separate new venture, indicating elevated personnel movement at the institution during this period. Jeschke's exit at age 32, paired with his stated focus on systematic, medium- to long-term macro strategies, reflects a distinct investment philosophy centered on risk-adjusted returns and portfolio diversification rather than concentrated directional positioning.
The fund's investment thesis emphasizes medium- to long-term systematic macro strategies balanced across diversified return streams. According to Jeschke's own description, the fund targets strategies with "a sound economic rationale going forward and a long history of strong risk-adjusted returns over a full business cycle." This approach aims to generate returns from exposure to multiple asset classes, investment styles, trends, and market flows—designed to achieve portfolio resilience across short-term volatility, liquidity shocks, and macroeconomic cycles.
Jeschke brings substantive institutional experience to his new venture. Prior to joining Tudor Investment Corporation, he served on PIMCO's G-10 rates and foreign exchange team and worked within PIMCO's largest macro hedge fund. He additionally spent time at Morgan Stanley's quantitative and derivative trading strategies team based in Hong Kong, suggesting a deep background in systematic and quantitative macro approaches.
The departure represents part of a broader talent migration from Tudor Investment Corporation. Dario Villani, global head of portfolio strategy and risk at Tudor, is also reportedly preparing a separate new venture, indicating elevated personnel movement at the institution during this period. Jeschke's exit at age 32, paired with his stated focus on systematic, medium- to long-term macro strategies, reflects a distinct investment philosophy centered on risk-adjusted returns and portfolio diversification rather than concentrated directional positioning.
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