Tudor's BVI Global Fund halts withdrawals

(Reuters) - Hedge-fund pioneer Paul Tudor Jones' Tudor Investment has temporarily suspended redemptions from the $10 billion (6.7 billion pound) BVI Global Fund as it splits the hedge fund into two, Bloomberg said, citing a person familiar with the matter.

Tudor is planning to put hard-to-sell investments, mostly corporate bonds and loans from emerging markets, into a new fund called Legacy, the person familiar with the matter told the agency.

The core BVI Global fund would focus on easier-to-trade stocks, bonds, commodities and currencies, the agency said.

Tudor Investment, which oversees $17 billion of assets, is asking BVI Global investors to approve the plan to split the fund in the next two months, the agency said.

Clients would have their money allocated between BVI Global and Legacy based on the division of assets.

Tudor would not be able to charge investors a performance fee until the Legacy assets regained their peak value and would sell off the assets in Legacy next year and return money to clients, according to the agency.

Tudor Investment Corp could not be immediately reached for comments by Reuters.

(Reporting by Sakthi Prasad in Bangalore; editing by John Stonestreet)