JPMorgan Asset Management is taking over managing 804 million pounds ($1.2 billion) for BlueCrest AllBlue Fund Ltd., giving shareholders an alternative investment opportunity after the hedge fund said it’s returning capital to outside investors.
The transfer, which is subject to approval by BlueCrest shareholders, will see the assets invested in JPMorgan’s Highbridge Multi-Strategy hedge fund, according to a statement by BlueCrest on Thursday. Investors will have the opportunity to exit the fund before the transfer and thereafter on a quarterly basis.
The move follows the decision by Jersey, Channel Islands-based Michael Platt, who ran the $8 billion BlueCrest Capital Management, to return all client money and focus on managing his own wealth and that of his partners and employees.
The JPMorgan hedge fund investments include equities as well as event-driven and macro strategies.
The BlueCrest AllBlue Fund returned 3.7 percent in the first eleven months of 2015 and has recorded an average annual return of 7.15 percent since starting in 2006, according to its website.