BlueCrest’s Michael Platt Makes Huge Move in Hedge Fund
Michael Platt, co-founder of BlueCrest Capital Management, negotiated a $750 million loan from 16 banks in July, allowing his firm to hire at least 25 money managers.
“I can’t think of any other examples like this,” says Daniel Celeghin, a partner at Casey Quirk & Associates, which advises hedge funds on fundraising. “It’s just the nature of finance, where if you are big and successful, people want to do business with you.”
After doubling assets under management over the past five years to $34.2 billion, the British-born Platt, who resides in Geneva, presides over the third-largest hedge fund firm in Europe. He made his first hire for stocks in March, adding Christian Dalban from Nomura Holdings to build and oversee teams of traders that would be based in London. Jonathan Larkin joined from Nomura in April to do the same in New York. BlueCrest also added at least three money managers and two analysts from SAC Capital Advisors, which is turning itself into a family office to manage founder Steven Cohen’s $9 billion fortune. Platt, 45, declined to be interviewed.Source: Businessweek