* Looks to raise more than 150 mln stg - source
* Guernsey fund will feed into main BlueTrend fund
* BlueTrend gained 0.1 pct last year, made 42.8 pct in 2008
By Laurence Fletcher and Sudip Kar-Gupta
LONDON, Jan 30 BlueCrest Capital
Management, one of Europe's biggest hedge fund firms, is looking
to raise more than 150 million pounds ($235 million) for a new
listed feeder fund into its computer-driven BlueTrend fund, a
source familiar with the matter said.
The closed-end fund, BlueCrest BlueTrend, will feed into the
firm's main BlueTrend fund, the company said in a statement.
BlueTrend manages $13.6 billion in assets and was one of the
hedge fund industry's top performers during the financial crisis
The computer-driven unit, which is headed by Brazilian-born
Leda Braga, the firm's media-shy head of systematic trading,
competes with the likes of Man Group's AHL unit and
Winton Capital's Futures fund.
So-called managed futures funds try to make money by
latching onto trends in global futures markets.
BlueTrend was one of the few hedge funds to profit in a dire
2008 for the industry, gaining 42.8 percent. Last year it made
0.1 percent, while the average hedge fund lost 5.02 percent,
according to Hedge Fund Research. Winton Capital's main fund
gained 6.3 percent last year while AHL lost 6.4 percent.
The main BlueTrend fund has been shut to new investors for
the past 18 months, but the feeder is being launched after
BlueCrest created extra capacity by enhancing the main fund's
In 2010, BlueCrest shut a EU-regulated Ucits version of
BlueTrend due to its inability to replicate sufficiently the
performance of the main offshore fund.
BlueCrest was set up by Mike Platt and William Reeves in
2000 and now manages around $28.6 billion in assets. The firm is
headquartered in Guernsey, while the bulk of its traders sit in
London and Geneva.
Dexion Capital is advising BlueCrest on the planned