BlueCrest Said to Seek Regulatory Approval for Hong Kong Office

Jul 18, 2014 12:06 am ET

July 18 (Bloomberg) -- BlueCrest Capital Management LLP, the hedge-fund company that oversees about $30 billion of assets, applied for regulatory approval to open a Hong Kong office, said two people with knowledge of the matter.

The approval was recently submitted to the city’s Securities and Futures Commission, said the people, who asked not to be identified as the information is private. James Chen, who joined earlier this year to lead its Asia equity investment, will relocate to Hong Kong from Singapore as part of an initially “small team,” the people said.

BlueCrest, based in Guernsey, is adding a second office in Asia amid a return to stock trading, after shutting an equity hedge fund amid the market turmoil in 2007. The company, which has focused on interest rates and using computers to capture trends in bonds and commodities, has added equity traders from companies including Nomura Holdings Inc., Barclays Plc and UBS O’Connor LLC.

Ed Orlebar, a spokesman for BlueCrest at Temple Bar Advisory in London, declined to comment on the office plan.

BlueCrest was co-founded in 2000 by Michael Platt and has primarily invested in fixed-income securities based on the founder’s background trading interest-rate swaps at JPMorgan Chase & Co. BlueCrest AllBlue Fund Ltd., which allocates capital to other funds overseen by the company, returned an annualized 8.6 percent between its March 2006 inception and June, it said in a July 15 statement. It had not lost money in any 12-month rolling period, it said in a June 11 statement.

BlueCrest started in July 2013 a global equity long-short fund led by London-based Christian Dalban and Jonathan Larkin in New York, according to the June statement. Chen was a managing director at Barclays in Hong Kong, whose responsibilities included running Asia cash equities trading, before joining BlueCrest, according to his LinkedIn profile.