Pallotta planning to leave Tudor Investments

Jim Pallotta, a fund manager at Tudor Investment Corp., will start his own investment firm in 2009, according to a letter to investors that was cited in a Bloomberg report. The $5 billion Raptor Global Fund that he manages will be spun off Jan. 1 from Greenwich, Conn.-based Tudor, where he has worked for 15 years. At the new firm, Mr. Pallotta will continue to manage the Altar Rock fund as well as money from Tudor's BVI Global Fund Ltd. The Raptor fund has dropped 21% since May 2007. Year-to-date through July 23, the fund had fallen 6.6%. It has posted an annualized return of 16% since August 1993. Tudor Investment’s BVI fund, which trades stocks, bonds, currencies and commodities, had gained 2.3% this year through July 23, but it has posted an annualized return of 23% a year since October 1986.