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The
decision was driven by increasing pressure on fees from
investors, rising costs and a desire to compete more effectively
for top traders, the firm said in a statement.
"We will be stronger and more flexible under our new business
model, and see exciting opportunities to grow significantly in
terms of numbers of trading teams and assets under management,"
Platt said.
"The new model provides the opportunity to create significant
value for our partners, our traders and our staff, due to a
step-change in our profitability. It will also allow us to
enhance further our ability to attract the highest quality
investment talent in markets across the globe."
Set up by Platt 15 years ago, BlueCrest employs more than 250
investment professionals trading fixed income, currencies,
emerging markets, credit and equities out of nine offices. All
would remain open after the move, BlueCrest said.
BlueCrest said its partner fund BSMA would continue to hold
assets managed in the fixed income, currency and credit trading
strategies, and the BlueCrest Equity Strategies Fund and the
BlueCrest Emerging Markets Fund would be retained.
All other funds, including its BlueCrest Capital International
and AllBlue Fund, are expected to close during 2016, it said.
After external clients have been given their cash back, the fund
firm would still be left with several billion dollars in assets,
a company spokesman said, without giving specific details.
Clients would receive around 75 percent of their cash back by
the end of January and 90 percent by the end of the first
quarter, BlueCrest said.
(Reporting by Simon Jessop; Editing by Steve Slater and Louise
Heavens)
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