BlueCrest Capital Management
BlueCrest, the USD12 billion London-based hedge fund firm that is 25% owned by Man Group, has shown strong performance in difficult times, according to fans. The BlueCrest Multi Strategy Credit Fund was launched in November 2007 and is up 4.8% YTD and 17.46% from inception. On the team are cio Michael Platt and Farid Amellal and Eric Lepage, joint heads of the BlueCrest Multi Strategy Credit Fund.
BlueMountain Capital Management
New York- and London-based BlueMountain drew praise for going on the defensive at the right time. "BlueMountain understood the fact that the market was changing ahead of time," one observer pointed out. Some desks added that Bluemountain was ahead of the curve in doing unwinds to free up capital and take profits for fresh powder.
The firm is known for its excellent offerings, particularly multi-strategy and index products. Under the leadership of Andrew Feldstein, Alan Gerstein, Bryce Markus and new hire Derek Smith, the firm continues to rank as one of the few multi-strategy credit hedge funds with consistent returns, according to investors.
Citadel Investment Group
Chicago-based Citadel has carved out a unique spot in credit this year. One sellside desk head called the mammoth USD20 billion hedge fund a "quasi dealer" that has stepped up trading activity and by doing so has helped buoy a battered structured credit market. "They have helped move axes," added another dealer desk head in New York.
In addition to providing smooth returns to investors, under Chris Boas, who runs all credit, and David Hensle, the main structured credit trader, the firm has also stepped up its involvement in industry working groups aimed to increase market operational efficiency. Market watchers also noted the firm took over a USD3 billion credit book from the now defunct Sowood Capital.
Lion Global Investors
Singapore's Lion Global Investors, with some SGD33 billion in assets, has weathered the credit crisis impressively, even though Lion's majority owner Great Eastern Holdings suffered. Diversification and being part of a larger group put the firm at an advantage over smaller independent managers. Lion is a "trusted name," one observer said. Kon Chee Keat, who heads up Lion's CDP and structured product team, is highly regarded.
