BlueCrest To Close $500M Equity Hedge Fund

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.


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Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

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