BlueCrest sets high level for future deals

Sun Feb 1, 2004

Those who thought that the hedge fund business was a low value buiness due to volatile earnings and a reliance on key traders are thinking again writes Paul Taylor

Eyebrows were raised when Man Group paid $183 million in cash and paper for a 25% stake in BlueCrest Capital Management at the end of November. Rivals suggested Man had overpaid for its stake in the fixed income and credit group founded by Mike Platt and Bill Reeves, two London-based dealers who quit JP Morgan three years ago.

However, as the dust settles on the deal, a number of people are starting to suggest that Man paid a fair price given BlueCrest's track record, potential for growth and available capacity. They argue that BlueCrest could provide Man with another engine for their hugely successful structured product business in the same way that the AHL managed futures strategy has been the powerhouse...

ISSN: 2151-1845 / CDC10004H

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