BlueCrest Shrinks From Relative-Value Trades Amid Losses, Exits
- At least two traders left after relative-value losses
- Michael Platt’s firm cut $1 billion of risk across firm
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Michael Platt’s BlueCrest Capital Management pulled back from a complex debt-trading strategy that led to losses and the departures of at least two traders, people familiar with the matter said.
BlueCrest has reduced the size of its so-called relative-value trading book, which seeks to exploit anomalies in related securities, and cut risk across the firm by about $1 billion in recent weeks, one of the people said. Raymond Wang and Romain Denis, traders who focused on such deals, left after their portfolios slumped, the people said.