BlueCrest to become a private investment partnership

Michael Platt, who runs the $8bn BlueCrest Capital Management, will return all client money and instead focus on managing his own wealth and that of his partners and employees.

Bloomberg News reports that outside investors, who account for about $7bn of the firm’s assets, will get 75% of their money before the end of January and 90% by the end of the first quarter, the firm said in a statement.

BlueCrest will become a private investment partnership, according to the statement, which cited declining fees and rising costs as reasons for the move.

“Everyone knows the landscape has changed,” Platt said in an interview. “We want to position ourselves to be free to adapt to the environment such as it exists.”

To access the complete Bloomberg News article hit the link below:

BlueCrest to Return All Outside Investor Money

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