BlueCrest goes to the market for more cash

HEDGE fund BlueCrest hopes to cash in on demand for its AllBlue fund to raise up to £80m this month, after announcing a share sale yesterday.

It is the AllBlue fund’s third offering in 12 months, and will place new shares worth 9.99 per cent of total issued stock.

AllBlue successfully raised £349m in June and took £100m in December, and said there was ongoing desire for its shares.

AllBlue chairman Richard Crowder said: “This proposed placing responds to the considerable demand we have witnessed from investors.

“BlueCrest AllBlue is performing well and is trading at a premium to net asset value. BlueCrest remains confident that it represents an attractive opportunity in current market conditions.”

RBS Hoare Govett and Dexion Capital are acting as joint bookrunners for the company, which tracks other funds owned by parent BlueCrest Capital Management.

AllBlue had $5.2bn (£3.3bn) of assets under management on 1 September, when it hit its target half-year return of five per cent on its sterling shares. AllBlue’s smaller euro and dollar share classes returned 9.2 and two per cent respectively.