Economics
BlueCrest's $50 Billion Dream Is Deferred
The hedge fund’s assets shrink as returns lag and investors leave
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When Michael Platt flew to the Middle East in September 2013, he was running one of the world’s largest hedge funds and aimed to make it bigger. In meetings with representatives of the region’s sovereign wealth funds he said that his BlueCrest Capital Management was doing great—assets had hit $37 billion that May—and that he would expand the firm to $50 billion, according to a person briefed on the discussions who asked not to be identified because the talks were private.