Hedge Funds

BlueCrest sets high level for future deals

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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