Bluecrest to close $630m fund

Bluecrest Capital, one of Europe's biggest hedge fund companies, said yesterday it would close a $630m (£400m) EU-regulated fund, dealing a blow to the recent boom in onshore hedge fund portfolios. The company will close the Bluetrend Ucits fund, a computer-driven fund that latches onto market trends, because of its inability to replicate sufficiently the performance of the main offshore Bluetrend fund. Bluecrest confirmed the fund closure in a statement and said it planned to give investors other options for their cash.