Five young macro traders will get the chance to train with Paul Tudor Jones this summer through a new venture Jones started called LaunchPad Trading, Bloomberg reported.
Jones, who founded one of the most distinguished macro hedge funds, $14 billion Tudor Investment Corp., hopes to eventually increase the number of traders to 20.
"There are fewer options open to traders who want to learn trading skills and manage capital at the start of their career," Jones said in a statement.
That's because, due to heightened regulation, banks are being forced to shut down their propriety trading desks, where young traders used to learn all the tricks of the trade before moving on to manage clients' money.
"We want to provide an environment where they can get that experience," he said.
The venture is seeking candidates with two to six years of macro trading experience, who are able to "explain how they generate ideas, construct their portfolios, and manage risk," Bloomberg reported.
The lucky traders accepted will work in New York, Chicago or London trading offices — but first, must pass through a rigorous application process: Nancy Andrews, LaunchPad’s CEO, will hand-pick applicants and pass on prospects to a five-member committee that will shave off more of the applicant pool.
The joint venture is funded in part by Jones and algorithmic trading-specialized firm, HC Technologies. HC Technologies will oversee the traders and provide risk management.
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