Andrew Feldstein, former managing director and co-head of North American structured products and derivatives marketing at JPMorgan in New York, is setting up a North American arm of London-based hedge fund manager BlueCrest Capital Management. The firm, dubbed BlueCrest North America, will manage the Blue Mountain Credit Alternative Fund, which will invest in structured credit as well as adopt credit arbitrage strategies, he said. Feldstein announced his intention to quit JPMorgan in February (DW, 2/9).
Both Michael Platt and Bill Reeves, who founded BlueCrest in late 2000, came from JPMorgan, said Feldstein. "We have a long history and strong relationship," he added. "The approach of BlueCrest to investing and their market analysis is similar to mine, further making the partnership a good match." BlueCrest manages a fixed income hedge fund with USD3 billion in assets under management.
The Blue Mountain Credit Alternative Fund will launch on Oct. 1 with initial assets under management standing at over USD100 million. BlueCrest North America will comprise a team of eight people, said Feldstein, declining to give names.
