BlueCrest to shut asset-based lending fund
Wednesday, July 1, 2009 : PermalinkBritish asset manager Blue Crest is winding down its Specialty Asset Finance Fund after losses and redemptions forced the fund to close many positions at a heavy loss, sources familiar with the fund told Reuters.
BlueCrest declined to comment on the fund.
Three industry sources said the fund, which had assets of $200 million late last year, is one of many using an asset based lending (ABL) Strategy to be vexed by redemptions this year, with leveraged funds such as BlueCrest’s hit particularly hard.
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asset based lending, asset finance, asset-manager, assets, bluecrest, crest, finance fund, industry sources, leveraged funds, losses, redemptions, reuters
