Abax Global Capital: Redux

Abax just announced they are opening up a global macro fund. This must be where their paths diverged with founder Chris Hsu last year. A switch from special sits to global macro makes sense if you are an investor, but I’m not sure it makes sense if you work for the firm. I mean, did they just dispose of all their corporate finance people and hire traders instead.

Tudor, the $10.5 billion Greenwich, Connecticut-based hedge fund company founded by Paul Tudor Jones, contributed the majority of the initial capital for the Asian macro fund, with the rest coming from Abax partners, Yong said. Abax raised $300 million at inception and now oversees $455 million.

Tudor is known as a good macro guy. So the fact that they raised money from him is great. But why did he fund them? They might have some market access or knowledge on Chinese currency movements.