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BlueCrest AllBlue’s board is proposing to move the mandate to JPMorgan

The board of BlueCrest AllBlue has provided an update on the continuation proposals for the fund. The board says that having completed its review of manager proposals received by the Company and consulted with its major shareholders, it proposes to recommend the replacement of its existing management arrangements with a mandate given to J.P. Morgan Asset Management. They say that the proposed appointment is subject to, amongst other things, detailed due diligence which is being performed on behalf of the Company and finalisation of engagement terms. In addition, the proposed appointment will be subject to shareholder approval as part of the re-organisation proposals to be put forward in due course (end of January/early February). As previously announced, the company says that the proposals will provide shareholders with an opportunity to receive a full cash exit at NAV less costs, representing the net realisation proceeds from the AllBlue Limited redemptions, as soon as practicable following receipt by the Company.

The board say that, as part of the Proposals, it is intended that the fund will invest substantially all of its assets (net of a cash exit opportunity) in the Highbridge Multi-Strategy Fund. This fund is a global multi-strategy hedge fund managed by Highbridge Capital Management. It is focused on relative value strategies with idiosyncratic sources of return that invests in 12 distinct strategies across Fundamental Equity, Quantitative Equity, Event Driven Equity, Capital Structure Arbitrage, Convertible & Volatility Arbitrage, Fundamental Credit and Macro. The company say that, since the funds inception (1 January 1993) the Highbridge Multi-Strategy Fund has achieved 10.76% annualised net returns, 6.89% annualised volatility and low beta relative to equity and credit indices.

Following implementation of the Proposals, the company says that it is intended to introduce a quarterly redemption facility, for up to 20% of the prevailing net asset value of the Company at NAV less costs, which may be implemented at the Board’s discretion in each quarterly period. It is intended that net redemption proceeds would be paid to shareholders as soon as practicable following receipt by the Company. A further announcement in relation to the Proposals will be made in due course.

BlueCrest AllBlue’s board is proposing to move the mandate to JPMorgan : BABS

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