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Managing Paul Tudor Jones's money

The hedge fund legend who runs Greenwich, Connecticut-based Tudor Investment has racked up annual returns of 27 percent since 1986.

The hedge fund legend who runs Greenwich, Connecticut-based Tudor Investment has racked up annual returns of 27 percent since 1986. Last year, as the Standard & Poor's 500 index fell 13 percent, Jones's flagship fund posted a sterling 22 percent gain. Nonetheless, the billionaire trader - best known these days for his poverty-fighting charity, the Robin Hood Foundation - is looking for a little investing advice himself. Tudor Investment has retained executive recruiters Heidrick & Struggles to search for the firm's first "director of external investments," who will invest personal money for Jones and the firm's other partners. The investments are likely to include stakes in other hedge fund organizations. The external investments chief will also be responsible for recruiting new trading talent to Tudor. One hedge fund executive says that the initial capital for the external investments could total a few hundred million dollars. Jones declined to comment. People familiar with the plan say that it reflects an abundance of riches: The Tudor partners have earned too much to plow all of their money back into the firm's strategies. Not a bad problem to have.