Proposed Migration of the Investment Manager

RNS Number : 8895W

BlueCrest AllBlue Fund Ltd

12 November 2014

 



Proposed migration of the Investment Manager of AllBlue Limited from Guernsey to Jersey and changes relating to BlueTrend Fund Limited and BlueMatrix Limited (the "Systematic Underlying Funds")

The Board of BlueCrest AllBlue Fund Limited ("the Company") note that the Directors of AllBlue Limited ("AllBlue") have written to investors in AllBlue, including the Company, regarding the proposed migration of AllBlue's investment manager from Guernsey to Jersey and changes relating to the Systematic Underlying Funds.

A summary of the information provided to the Company is set out below. This announcement is provided for information only and no action is required on the part of investors.

Migration of BlueCrest Capital Management Limited

The investment manager of AllBlue is BlueCrest Capital Management Limited ("BCML"), a Guernsey limited company that is licensed and regulated by the Guernsey Financial Services Commission ("GFSC"), acting in its capacity as general partner of BlueCrest Capital Management LP, a limited partnership registered in Guernsey ("BCMLP"). BCML is also appointed as the investment manager of underlying funds in which AllBlue invests.

BCML proposes to move its operations from Guernsey to Jersey in accordance with provisions of the laws of those jurisdictions which allow a company to migrate from one jurisdiction to another. On completion of the migration, there will be no change to BCML's existence as a company, other than the jurisdiction of its incorporation, company number and any consequential changes to its constitutional documents. BCML will not change its name as a result of the migration.

BCML has applied to become licensed and regulated by the Jersey Financial Services Commission ("JFSC") with effect from the effective date of its proposed migration and will continue to be registered with the U.S. Securities and Exchange Commission as an investment adviser, registered with the U.S. Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator and be a member of the U.S. National Futures Association in such capacity. BCML will cease to be licensed and regulated by the GFSC on the effective date of its migration.

In its role as investment manager of AllBlue, BCML will continue to act solely in its capacity as general partner of BCMLP. BCMLP will continue to be registered in Guernsey. There are no proposed changes to the ownership or control of BCML or BCMLP as a result of the proposed migration.

Migration of Guernsey Sub-Investment Manager's General Partner

In addition to the migration of BCML, it is also proposed that BlueCrest Capital Management Guernsey Limited ("BCMGL") will migrate from Guernsey to Jersey. BCMGL will follow a similar process to that for BCML to effect this migration. BCMGL is also currently licensed and regulated by the GFSC and has applied to become licensed and regulated by the JFSC with effect from the effective date of the proposed migration. BCMGL will cease to be licensed and regulated by the GFSC on the effective date of its migration. It is proposed that, on migration, BCMGL will change its name to "BlueCrest Capital Management GP Limited".

BCMGL is the general partner of BlueCrest Capital Management Guernsey LP ("BCMGLP"), which is appointed as a sub-investment manager of AllBlue. BCMGLP will continue to be registered in Guernsey and will continue to operate through its Geneva branch.

New Sub-Investment Manager Based in Jersey

In addition, BCML intends to appoint a newly formed Jersey limited company, BlueCrest Capital Management Jersey Limited ("BCMJL"), as a new sub-investment manager of AllBlue. BCMJL has applied to become licensed and regulated by the JFSC. It is expected that BCMJL will be appointed as a sub-investment manager as of 31 December 2014 and that certain members of staff currently employed by other sub-investment managers appointed with respect to AllBlue will in due course be employed by BCMJL.

Timing and Approvals

These anticipated changes remain subject to relevant legal and regulatory steps and approvals in both Guernsey and Jersey, and the approval of the agreements described below (the "Relevant Approvals"). The exact timing of the changes described in this letter is therefore not yet known, however, subject to the Relevant Approvals, the proposed date for the migrations is 31 December 2014.

Effect on AllBlue

It is proposed that AllBlue's current investment management agreements will be amended and restated with effect from the date of the migration in order to make the changes required to reflect BCML's new status and Jersey law and regulation in general.

The sub-investment management agreements currently in place between BCML and BCMGLP in respect of AllBlue will also be amended and restated in order to reflect any changes required to reflect BCML's and BCMGL's new status and Jersey law and regulation in general. In the case of BCMJL, new sub-investment agreements will be entered into between BCML and BCMJL with respect to AllBlue. These changes are not expected to have a material effect on AllBlue.

BCML will continue to be responsible for the supervision and ongoing monitoring of the subinvestment

managers in the performance of their duties as agents of AllBlue and will retain responsibility for performing risk management functions for AllBlue, as it does currently.

These proposals do not entail any changes to the investment objective and approach or overall investment process of AllBlue and there are no plans to change the service providers to AllBlue, including the administrators and auditors, and the members of the boards of directors of AllBlue will continue to serve as directors, as before. The terms of any investments held by BlueCrest AllBlue Fund Limited in AllBlue, including in relation to fees and redemptions, will be unaffected.

Changes Relating to Systematic Underlying Funds

Change of Investment Manager of BlueTrend

As announced on 29 September 2014, it is proposed that BCML's role as investment manager of BlueTrend Fund Limited, and the master fund in which it invests, BlueTrend Master Fund Limited (together, the "BlueTrend Funds") be transferred to a newly-established Jersey Limited company, Systematica Investments Limited (with its affiliates, the "Systematica Group").

This process remains subject to relevant regulatory approvals and approvals of the parties involved. The exact timing and detail of the changes are therefore not yet known and are subject to change; however, the change of investment manager of the BlueTrend Funds is currently expected to be effective on or about 1 January 2015, with the changes to the sub-investment managers taking place in the first calendar quarter of 2015.

It is expected that AllBlue will continue to invest in BlueTrend Fund Limited following the appointments of the New Investment Manager and the Systematica Group described above. AllBlue may also invest in other funds managed by the Systematica Group in the future.

BlueCrest Quantitative Equity Fund

It is proposed that a new underlying fund, BlueCrest Quantitative Equity Fund Limited, which will invest into a new master fund, BlueCrest Quantitative Equity Master Fund Limited (together, the "BlueCrest Quantitative Equity Funds"), will be launched on or about 1 December 2014. It is expected that BCML will be appointed as investment manager, and that members of BCMLP's group will be appointed as sub-investment managers, of the BlueCrest Quantitative Equity Funds.

With effect from 1 December 2014, it is expected that AllBlue's investment in BlueMatrix Limited will be redeemed and subsequently subscribed into BlueCrest Quantitative Equity Fund Limited.

BlueCrest Quantitative Equity Master Fund Limited will follow the same investment objective and approach to BlueMatrix Master Fund Limited (together with BlueMatrix Limited, the "BlueMatrix Funds"). The current product manager, and a number of the team currently involved in the management, of the BlueMatrix Funds will manage the BlueCrest Quantitative Equity Funds.

12 November 2014

For further information about this announcement contact:

JTC (Guernsey) Limited

Secretary

Tel: [phone]

END OF ANNOUNCEMENT

E&OE - in transmission.

 

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