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BlueCrest Capital Management

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British Investment Firm

BlueCrest Capital Management
Company typePrivate
IndustryInvestment management
Founded2000; 24 years ago (2000)
FoundersMichael Platt
William Reeves
HeadquartersLondon, United Kingdom
Number of employees600

BlueCrest Capital Management is a British-American investment firm which was founded by British billionaire Michael Platt and American William Reeves in 2000. The firm has office locations in London, Jersey, Singapore and New York.

Background

Bluecrest was founded in 2000 as a hedge fund by Michael Platt and William Reeves who were both previously senior proprietary traders at JPMorgan Chase.

In 2014, Bluecrest spun off $8.2 billion worth of assets into a new company, Systematica Investments, run by Bluecrest employee, Leda Braga. CNBC has referred to Braga as "the most powerful woman in Hedge Funds", earning in excess of $50 million annually.

In 2015, Bluecrest returned all outside capital to investors and transitioned into a family office, which is a private investment partnership that manages money for its partners and employees.

The fund generated returns of 50% in 2016, 54% in 2017, 25% in 2018 when the average hedge fund lost money, and 50% in 2019.

In March 2020, BlueCrest reduced the size of its relative-value trading book, which seeks to exploit anomalies in related securities. The company also cut risk across the firm by about $1 billion. BlueCrest suffered some losses after the sell-off, but the investment fund was up for the year through the close of trading on 11 March.

On 8 December 2020, The U.S. Securities and Exchange Commission announced that BlueCrest had agreed to pay $170 million to settle charges arising from inadequate disclosures, material misstatements, and misleading omissions concerning its transfer of top traders from its flagship client fund, BlueCrest Capital International (BCI), to a proprietary fund, BSMA Limited, and replacement of those traders with an underperforming algorithm.

The fund generated returns of 153% in 2022 and 20% in 2023.

References

  1. ^ "Michael Platt And William Reeves Bio, Returns, Net Worth". Insider Monkey. Retrieved 8 February 2013.
  2. ^ Mourselas, Costas (5 May 2024). "Michael Platt's BlueCrest prepares to expand trading teams". Financial Times. Retrieved 21 August 2024.
  3. Vardi, Nathan. "Billionaire Michael Platt Closes His BlueCrest Hedge Fund". Forbes. Retrieved 28 January 2024.
  4. "Leda Braga". equinoxfunds.com. 19 March 2022.
  5. Nathan Vardi. "Leda Braga - In Photos: The 40 Highest-Earning Hedge Fund Managers". Forbes.
  6. Stevenson, Alexandra; Goldstein, Matthew (1 December 2015). "BlueCrest to Close Hedge Fund and Refund Outside Investors". The New York Times. ISSN 0362-4331. Retrieved 9 August 2017.
  7. "Hedge fund firm BlueCrest Capital Management to go private". Reuters. 1 December 2015. Retrieved 9 August 2017.
  8. "Returns".
  9. Fletcher, Laurence (29 December 2019). "Ex-hedge fund BlueCrest extends winning run with 50% gain this year". www.ft.com. Retrieved 24 December 2019.
  10. "BlueCrest Shrinks From Relative-Value Trades Amid Losses, Exits". Bloomberg.com. 13 March 2020. Retrieved 7 August 2020.
  11. Michaels, Dave (8 December 2020). "BlueCrest Capital Management to Pay $170 Million to Settle SEC Claims". Wall Street Journal.
  12. "BlueCrest's 153% Surge Makes Platt a Bigger Billionaire". Bloomberg.com. 10 January 2023. Retrieved 22 August 2024.

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