Wednesday, 7 October 2015
Last updated 18 hours ago
Sep 10 2007 | 3:26pm ET
BlueCrest Capital Management is shuttering its equity market neutral fund in the wake of August losses. The $500 million fund fell 5.4% in August and is down 8.2% year-to-date. The firm blamed “bizarre” market conditions for the trouble, but concluded that the alternatives to shutting the fund down “were unfair to everybody and not sensible given the current market conditions,” a firm spokesman told Financial News.
The firm, one of Britain’s largest with $12 billion in assets under management, said it doesn’t expect the closure to greatly impact its bottom line, with some 80% of the doomed fund’s money going into other BlueCrest funds—all of which, despite an August drop, remain in positive ground year-to-date.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…