JPMorgan to manage over $1bn of hedge fund cash

JPMorgan Asset Management is taking over managing $1.2bn for BlueCrest AllBlue Fund, giving shareholders an alternative investment opportunity after the hedge fund said it’s returning capital to outside investors.

Bloomberg News reports that the transfer, which is subject to approval by BlueCrest shareholders, will see the assets invested in JPMorgan’s Highbridge Multi-Strategy hedge fund, according to a statement by BlueCrest on Thursday. Investors will have the opportunity to exit the fund before the transfer and thereafter on a quarterly basis.

The move follows the decision by Michael Platt, who ran the $8bn BlueCrest Capital Management, to return all client money and focus on managing his own wealth and that of his partners and employees.

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

JPMorgan to Manage $1.2 Billion of BlueCrest Hedge Fund Cash

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