Listed BlueCrest Fund Nets US$261M

Mar 23 2012 | 12:56pm ET

BlueCrest Capital Management has garnered another £165 million (US$261 million) for its flagship strategy.

The money was raised through a publicly-listed feeder fund, BlueCrest BlueTrend. The new fund marks the first opening of the US$13.6 billion BlueTrend strategy to new investors in almost two years.

The listed fund joined the London Stock Exchange today, and is available in both pound Sterling and U.S. dollar share classes. BlueCrest sold about 105 million of the former shares and 95 million of the latter, with Dexion Capital serving as placement agent.

"We are delighted by the response of a broad range of investors to this offering," BlueCrest Chairman Wayne Bulpitt said. "Over 60 investors have participated which we believe demonstrates a wide ranging interest in the Company and obtaining access to BlueCrest’s systematic trend-following fund. The inclusion of the BlueTrend strategy for portfolio diversification provides for the Company to be a core holding for investors and we expect the Company to attract continued interest."

BlueCrest BlueTrend effectively replaces a UCITS III-compliant version of BlueTrend, which raised US$630 million but was shuttered in 2010 due to its inability to replicate the offshore quantitative strategy. The launch was made possible by some changes to BlueTrend's algorithms, allowing it to increase its capacity.

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