TIDMBABS TIDMBABU
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: +44 (0) 1481 702 400
END OF ANNOUNCEMENT
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