BlueCrest Said to Hire Team of Ex-Brevan Howard Credit Traders

Source: BlueCrest Capital Management Ltd. via Bloomberg

BlueCrest Capital Management LLP, co-founded by Michael Platt, a former JPMorgan Chase & Co. proprietary trader, has more than doubled assets since the end of 2009 as a fifth year of short-term interest rates near zero and unprecedented bond buying by the Federal Reserve pushes investors into riskier investments such as corporate credit. Close

BlueCrest Capital Management LLP, co-founded by Michael Platt, a former JPMorgan Chase... Read More

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Source: BlueCrest Capital Management Ltd. via Bloomberg

BlueCrest Capital Management LLP, co-founded by Michael Platt, a former JPMorgan Chase & Co. proprietary trader, has more than doubled assets since the end of 2009 as a fifth year of short-term interest rates near zero and unprecedented bond buying by the Federal Reserve pushes investors into riskier investments such as corporate credit.

BlueCrest Capital Management LLP, the $35 billion hedge-fund firm run by Michael Platt, hired a team of former Brevan Howard Capital Management LLP credit traders, two people with knowledge of the situation said.

The group includes Wayne Leslie and Jason Feasey, said the people, who asked not to be identified because the appointments haven’t been announced formally. Leslie, 39, joined Brevan Howard last year from Goldman Sachs Group Inc., where he was a managing director responsible for European investment-grade credit trading. Feasey, 41, had joined the Jersey-based hedge fund from Bank of America Corp. in 2011.

The five traders left Brevan Howard in August, according to the U.K. Financial Conduct Authority’s register. Leslie started at BlueCrest in London on Oct. 18, the filings show. Officials at Brevan Howard and BlueCrest said they couldn’t comment on the moves while the traders either declined to comment or couldn’t be reached by telephone or e-mail.

BlueCrest, co-founded by Platt, a former JPMorgan Chase & Co. proprietary trader, has more than doubled assets since the end of 2009 as a fifth year of short-term interest rates near zero and unprecedented bond buying by the Federal Reserve pushes investors into riskier investments such as corporate credit.

Brevan Howard scaled back its risk levels and headcount after its biggest hedge fund had its worst monthly loss since 2008 in June. Leslie and Feasey were among at least a dozen traders who have left the company since the end of May.

To contact the reporters on this story: Chris Larson in London at clarson22@bloomberg.net; Jesse Westbrook in London at jwestbrook1@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

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