BlueBay Asset Management | Hugh Willis | Hedge Fund Notes

BlueBay Asset Management

BlueBay Asset Management | Hedge Fund Notes


The following piece on Blue Bay Asset Management is being published as part of our daily effort to track hedge funds in the industry. To review other hedge fund research notes please see our Hedge Fund Tracker Tool.

Resource #1: (12.1.08) The London-based firm will close its US$1.2 billion Emerging Market Total Return Fund, which was “dramatically” burned by bets on bonds and credit default swaps. The fund is down 53% this year, according to a statement from BlueBay, leaving it not “viable as a standalone strategy.”

“We are operating, as has been the case for some time now, in extremely challenging credit market conditions,” CEO Hugh Willis said. “We remain focused, however, on the cyclical opportunity ahead and on our ability to capitalize on this.”

Meanwhile, the Emerging Market fund’s manager, Simon Treacher, has resigned after violating “internal valuation policy,” BlueBay said. The firm stressed that Treacher’s alleged unauthorized adjustments to the fund’s numbers had nothing to do with its failure.

“The breach was recent, limited and resulted in no material impact on the net asset value of the fund, or of any other funds managed by the company,” BlueBay said. “The company would like to stress that there is no connection between the breach concerned and either the recent losses incurred on the fund or the intention to wind the fund down.” Source

Resource #2: BlueBay Asset Management is closing a fixed-income hedge fund after accusing its manager of breaking valuation rules.

The London-based firm will close its US$1.2 billion Emerging Market Total Return Fund, which was “dramatically” burned by bets on bonds and credit default swaps. The fund is down 53% this year, according to a statement from BlueBay, leaving it not “viable as a standalone strategy.”
“We are operating, as has been the case for some time now, in extremely challenging credit market conditions,” CEO Hugh Willis said. “We remain focused, however, on the cyclical opportunity ahead and on our ability to capitalize on this.”

Source

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