Phil Moore, special reports writer, HedgeFund Intelligence
It took several years of patient negotiations, but a significant milestone was reached by Lyxor last October, when Tudor Investment Corporation finally agreed to join its managed account platform. The launch of the Lyxor/Tudor Momentum Fund, which replicates the trend-following component of the Tudor Tensor quantitative managed futures programme, was a significant detail in the progress of managed accounts for at least two related reasons.
The first is that the new willingness of Tudor to sign up to a managed account platform is emblematic of an important change of attitudes within the hedge fund world to the managed account concept. For many years, Tudor had been one of a number of hedge fund managers that had stubbornly resisted the advance of platforms such as Lyxor's.
It is probably stretching the truth to say that it was Tudor's change of heart that reopened...