Former BlueCrest Manager Dobbs Plans U.K. Hedge Fund Credere

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The London Skyline. Photographer: Matthew Lloyd/Bloomberg

Oliver Dobbs, a former money manager with BlueCrest Capital Management and CQS Management, is planning to start a multi-strategy credit hedge fund.

Dobbs, 50, registered Credere Ltd. as a U.K. company last month. The plans are at an early stage and the firm may not begin trading this year, he said by telephone, declining to comment further.

Money managers planning new hedge funds in Britain also include Brevan Howard Asset Management co-founder Chris Rokos, who is starting Rokos Capital Management, and Daniel Martin, formerly of Pelham Capital, with his Rye Bay Capital.

The number of startups fell to 1,040 globally last year, their lowest level since 2010, amid difficult fundraising conditions, according to Chicago-based Hedge Fund Research. The first quarter of 2015 saw 264 new hedge funds start, the highest in three quarters, the data provider said.

Dobbs traded convertible bonds at Michael Platt’s BlueCrest, which bets on macro-economic trends, and left the company in October. Previously he worked for CQS, run by Michael Hintze, from 2008 to 2013, where he was chief investment officer of portfolio management, according to the FCA’s register of individuals approved to work in finance.

Multi-strategy credit hedge funds, which use a range of investing styles to bet on trends in global debt markets, averaged gains of 0.6 percent in the first five months of 2015 after climbing 0.1 percent last year, according to Atlanta-based eVestment. They underperformed gains for the industry of 3.7 percent this year and 2.3 percent in 2014.

(A previous version of this story was corrected to show Dobbs worked at BlueCrest from 2013.)

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