BlueCrest Capital Management

BlueCrest Capital Management is a British-American investment firm which was founded by British billionaire Michael Platt and American William Reeves in 2000.

Background
Bluecrest was founded in 2000 as a hedge fund by Michael Platt and William Reeves who were both previously senior proprietary traders at JPMorgan Chase.

In 2014, Bluecrest spun off $8.2 billion worth of assets into a new company, Systematica Investments, run by Bluecrest employee, Leda Braga. CNBC has referred to Braga as "the most powerful woman in Hedge Funds", earning in excess of $50 million annually.

In 2015, Bluecrest announced its plans to return all outside capital to investors and transition into a private investment partnership that would manage money for its partners and employees.

The fund generated returns of 50% in 2016, 54% in 2017, 25% in 2018 when the average hedge fund lost money, and 50% in 2019.

In March 2020, BlueCrest reduced the size of its relative-value trading book, which seeks to exploit anomalies in related securities. The company also cut risk across the firm by about $1 billion. BlueCrest suffered some losses after the sell-off, but the investment fund was up for the year through the close of trading on 11 March.

On 8 December 2020, The Securities and Exchange Commission announced that UK-based investment adviser BlueCrest Capital Management Limited has agreed to pay $170 million to settle charges arising from inadequate disclosures, material misstatements, and misleading omissions concerning its transfer of top traders from its flagship client fund, BlueCrest Capital International (BCI), to a proprietary fund, BSMA Limited, and replacement of those traders with an underperforming algorithm.