Hedge Funds

Ritchie Capital sells financing business to BlueCrest

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Thane Ritchie's Ritchie Capital has agreed to sell Ritchie Technology & Life Sciences Finance to BlueCrest Capital Finance, an affiliate of Michael Platt's BlueCrest Capital Management of London.

The move is another step in Ritchie Capital's extensive restructuring. In December, Ritchie Capital decided to shut down its flagship Ritchie Multi-Strategy Global fund and sell the assets of the fund's general portfolio. In November, Ritchie announced that it would close the troubled Ritchie Energy portfolio after having received redemption requests that represented most of the fund's capital.

Ritchie Technology & Life Sciences Finance provides financing to the communications, information technology,