Four top executives and a portfolio manager have left hedge fund BlueCrest Capital Management, Europe's third-largest hedge fund with US$24 billion in assets.
Justo Ruiz-Ferrer, head of trading strategy systems and quantitative development for BlueCrest's flagship Bluetrend strategy, headlines the departures, which came over the last few months. In addition, partners Bojan Milicic, Luigi La Ferla and Martin Stocks have left the firm, as has portfolio manager Jeremy Gelber.
Gelber has since joined SFM UK, Reuters reports.
Bluecrest last month pulled the plug on its UCITS III-compliant version of the Bluetrend strategy because of its failure to track the performance of the US$10 billion flagship.