Ex-BlueCrest Partners Favre, Germak Plan to Start Own Hedge Fund

Three former partners of BlueCrest Capital Management are starting a hedge fund, as their previous employer withdraws from the business of managing money for outside clients.

Money managers Frederic Favre and Alexandre Germak are joining former BlueCrest partner Melanie Owen to start macro hedge fund firm Alpstone Capital later this year, according to Owen, who heads business development for the firm in London.

Ed Orlebar, a spokesman for BlueCrest, declined to comment on the startup.

Favre and Germak helped manage money for BlueCrest’s Capital International fund and their departure will allow “them to take their investment team and process to the new company, along with their eight-year track record," Owen said in a statement.

Macro hedge funds bet across a range of asset classes from currencies to stocks.

BlueCrest, once one of Europe’s largest hedge funds, said in December that it would return money to its clients. Founder billionaire Michael Platt plans to focus on managing his own wealth and that of his associates.

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