Thursday, 18 December 2014
Last updated 7 min 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Thursday told investors that Shezad Syed, who has managed the fund since its inception three-and-a-half years ago, has been replaced by Robert Heaselgrave.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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.