Finance
BlueCrest, Millennium Pods Faced Quick Closure After Turmoil
- Some multistrategy firms liquidated books and shut teams
- Rapid unwinding of yen carry trades triggered losses
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As losses piled up during the market turmoil in early August, a cohort of traders faced that dreaded moment: a tap on the shoulder from their hedge fund bosses signaling it was time to stop.
At least six traders at multistrategy investment firms Millennium Management, Balyasny Asset Management and BlueCrest Capital Management saw their positions liquidated or teams shut, according to people familiar with the matter. The closures took place as a rapid unwinding of the yen carry trade and jitters over the US economy sent shockwaves across global markets.