BlueCrest hedge fund portfolio raises 350 mln stg

LONDON Mon Jun 21, 2010 9:37am EDT

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LONDON (Reuters) - Hedge fund portfolio BlueCrest AllBlue (BABS.L) has almost doubled in size after raising 348.6 million pounds in a share issue, as clients return to a sector outperforming this year's volatile markets.

AllBlue -- a feeder into a Cayman fund of funds run by BlueCrest Capital, one of Europe's biggest hedge fund managers -- raised the money via a share issue, lifting its assets to around 808.7 million pounds, it said in a statement on Monday.

AllBlue invests in seven BlueCrest funds, including Chief Executive Mike Platt's Capital International fund and head of systematic trading Leda Braga's computer-driven BlueTrend, via the Cayman fund.

Investors, who pulled $330 billion from hedge funds in the year to June 2009 after the credit crisis hit returns, according to Hedge Fund Research, have been slowly returning to this freewheeling sector over the past year.

And while suffering damaging losses in May's turbulence, hedge funds are nevertheless still up 1.48 percent in the first five months of the year, according to Credit Suisse/Tremont, while the FTSE 100 .FTSE is down 4 percent over that period.

In December AllBlue announced it had raised 101 million pounds.

BlueCrest is Europe's third-biggest hedge fund firm, according to EuroHedge, with $16.8 billion under management at the start of this year. (To read the Reuters Funds Blog click on blogs.reuters.com/fundshub; for the Global Investing Blog click here) (Reporting by Laurence Fletcher; Editing by Sharon Lindores)

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