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BlueCrest overhauls $620 million “black box” hedge fund

Reuters – BlueCrest Capital, one of the world’s biggest hedge fund firms, has overhauled the way it trades in one of its computer funds, a source said, sending a powerful signal that some ‘black box’ programs controlling billions of assets may be broken.

BlueCrest, which manages $33 billion, has designed five new programs from scratch for its BlueMatrix fund, said the source familiar with the matter, after poor returns.

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