Investors Lose Almost Everything In BlueCrest Fund Of Funds

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Thursday told investors that Shezad Syed, who has managed the fund since its inception three-and-a-half years ago, has been replaced by Robert Heaselgrave.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.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Controlling With Confidence: A ‘How-To’ For Hedge Fund Managers

Dec 22 2014 | 11:52am ET

Hedge funds are increasingly turning to third party services to help with operations...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

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.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.