BlueCrest Capital Management plans to offer clients a new way to invest in its flagship managed futures funds.
The US$28.6 million firm, one of Europe's largest, will launch a listed feeder fund for its US$13.6 billion BlueTrend fund. BlueCrest hopes to raise in excess of £150 million (US$235 million) for the closed-end fund, called BlueCrest BlueTrend.
BlueTrend has been closed to new investors for a year-and-a-half, adding some US$4.6 billion in assets since then due to strong performance and new allocations from existing investors. BlueCrest shuttered a US$630 million UCITS III-compliant version of the fund in 2010 due to its inability to replicate the offshore version of the quantitative strategy, which returned 0.1% last year.
But the fund is ready to take on new money once again, after the BlueTrend group tweaked its algorithms to increase its capacity.
Dexion Capital has been enlisted to advise on the new listing, BlueCrest's second on the London Stock Exchange after its AllBlue fund. AllBlue raised £350 million in a share offering last year.