BlueCrest Opening Equity Fund To Outside Capital

Mar 13 2015 | 9:46am ET

BlueCrest Capital Management, founded by billionaire Michael Platt, is opening its equity fund to outside investors.

The BlueCrest Equity Strategies Fund has managed approximately $1 billion in internal capital up to now, but will begin accepting money from third parties this April. The company plans to double the size of the fund through the effort, according to reports.

The fund has been a high performer, delivering annualized returns of 11.8% since it was launched in July 2013. Last year, it posted a 9.3% return.

BlueCrest managed a total of $14 billion in primarily interest rate, fixed income and credit investments as of December 31st, 2014. The fund has suffered a spate of executive defections, lawsuits, mediocre performance of its large macro fund, and a fall in assets from a peak of $37 billion in May 2013. 

BlueCrest is also at the center of a redemption dispute with Meredith Whitney’s American Revival Fund, which it seeded with $50 million in late 2013.

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