BlueCrest Sales Chief, Fund Manager Leaves Hedge Fund

Feb 5 2010 | 3:51pm ET

After less than five months on the job, Steve Smith is out at BlueCrest Capital Management.

Smith served as head of sales and co-manager of BlueCrest’s AllBlue Fund since joining the firm on Sept. 22. He was also a member of the US$16.7 billion firm’s executive committee.

No reason was given for Smith’s abrupt departure, which was first reported by Bloomberg News.

BlueCrest, Europe’s third larges hedge fund firm, has raised £101 million ($164.5 million) through a new share issuance for its BlueCrest AllBlue fund in December.

The firm also recently announced plans to close its systematic quantitative BlueTrend Fund to new investors when it hits US$10 billion in assets. The BlueTrend fund soared 43% in 2008, a year in which the average hedge fund sank by double-digits. Last year, it posted a much more modest return of 4.3%.

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