Economics
BlueCrest to Return All Outside Investor Money
- BlueCrest manages $8 billion; $7 billion is external money
- Assets have declined from a peak of $37 billion two years ago
Why BlueCrest Plans to Return Outside Money
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Michael Platt, who runs the $8 billion BlueCrest Capital Management, will return all client money and instead focus on managing his own wealth and that of his partners and employees.
Outside investors, who account for about $7 billion of the firm’s assets, will get 75 percent of their money before the end of January and 90 percent 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.