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Platt’s $50 Billion Hedge-Fund Dream Deferred

When billionaire Michael Platt flew to the Middle East in September 2013, he was running one of the world’s largest hedge funds. He wanted to make it bigger.

He told investors at the region’s sovereign-wealth funds that his BlueCrest Capital Management LLP was doing great, according to someone briefed on the discussions. Platt described how he would expand the firm, whose assets had peaked that May at more than $37 billion, to $50 billion, the person said.