Paul Tudor Jones is looking for the next generation of macro managers.

The founder of the $14 billion Tudor Investment Corp., one of the best-performing and oldest macro hedge funds, is starting LaunchPad Trading, a joint venture that will give 20 young macro traders a chance to hone their craft before they start managing client money. It will be funded by Tudor partners including Jones, and HC Technologies, a Chicago firm run by Tudor alum Joseph Niciforo that specializes in algorithmic trading.

“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. “We want to provide an environment where they can get that experience.”

Jones is setting up the venture to develop talent now that banks were forced to shut their proprietary trading desks where young guns once learned to wager on bonds, currencies, commodities and stock indexes. The best traders may get a chance to join Tudor or start their own firms with seed capital from Tudor and HC Technologies.

LaunchPad will be based in New York, with offices in Chicago and London. It will hire five traders this summer, and plans to expand to 20 over the next few years, said Nancy Andrews, a former Tudor trader and LaunchPad’s chief executive officer.

Andrews is looking for candidates with two to six years of global macro trading experience who can explain how they generate ideas, construct their portfolios and manage risk. She will vet candidates and pass prospects along to a five-member committee at Tudor that will pick the candidates along with Niciforo.

HC Technologies, a proprietary trading firm, will monitor the chosen traders and provide risk management.