Billionaire Michael Platt's BlueCrest Capital cut at least 10 portfolio managers after the firm was slammed by losses in its relative-value book last week, sources tell Business Insider.
Citadel's flagship fund Wellington is down 3% for the month as of the end of last week, while ExodusPoint reportedly lost 4% last week.Billionaire Michael Platt's BlueCrest Capital Management has cut at least 10 portfolio managers after the firm suffered losses in its fixed-income relative value strategy, sources tell Business Insider.
Relative-value trades seek to take advantage of price discrepancies between similar securities, and are often applied to fixed income and equities markets, but can also be used in commodities markets as well. Citadel, the $30 billion hedge fund firm founded by billionaire Ken Griffin, took a hit on relative-value bets last week that helped wipe out most of its overall gains for the year, three people familiar with the firm's performance told Business Insider.reported that the losses were in the hundreds of millions midway through last week.
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