Friday, 29 July 2016
Last updated 14 hours ago
Dec 13 2010 | 12:47pm ET
BlueCrest Capital Management's specialist credit fund of hedge funds has been all but wiped out in the two years since the firm suspended redemptions.
The Special Asset Finance fund had just US$6 million in assets at the end of September, Reuters reports. But the fund's now almost entirely illiquid portfolio could still face further write-downs, and the fund still owes a lender $197 million.
SAF managed US$210 million when it suspended remptions in August 2008.
BlueCrest on Thursday told investors that Shezad Syed, who has managed the fund since its inception three-and-a-half years ago, has been replaced by Robert Heaselgrave.
"They said they needed different skills to maximize value, but it's a bit late now; there's no value left," one investor told Reuters.
"He gave us little hope of getting anything back," another investor said.