Michael Platt’s Hedge Fund is Opening Its High-Performing Equity FundMichael Platt's $14 billion hedge fund firm BlueCrest is launching its high-performing equity fund to outside investors, marking a new attempt by one of Europe's biggest hedge funds to expand into the asset class.
The BlueCrest Equity Strategies fund has operated with its own capital of $1 billion until now but plans to accept its first money from third parties from April, sources familiar with the matter told Reuters.
BlueCrest aims to double the fund's assets in a first fundraising round after delivering annualised returns of 11.8 percent, with volatility of 6 percent, since the fund was launched in July 2013.
The fund returned 9.3 percent last year, marketing material for the fund seen by Reuters showed, more than twice that for the Eurekahedge Hedge Fund Index.
Ed Orlebar, a spokesman for BlueCrest declined to comment.
The move into equities bolsters BlueCrest's product line which until now had focused on asset classes such as interest rates, fixed income and credit.
It also highlights a broader trend in the industry where big hedge funds are strengthening their product range to attract capital from institutional investors that have boosted the industry's assets to almost $3 trillion.
The new equity fund's performance provides a much needed boost for BlueCrest, which has had weak returns from its flagship macro fixed income fund.Source: Reuters