BlueCrest AllBlue Beats Tough Markets With GBP349M Share Sale

21st Jun 2010 08:38

By Margot Patrick Of DOW JONES NEWSWIRES LONDON (Dow Jones)--BlueCrest AllBlue Fund Ltd. (BABS.LN), the London-listed investment company that tracks the performance of several hedge funds run by BlueCrest Capital, beat expectations and tough market conditions by raising GBP349 million in new capital Monday. The offer tops the amount raised by the company in previous secondary share sales, and lifts the money it manages to around GBP800 million, making it one of London's largest listed hedge-fund investment companies. Chairman Richard Crowder said the size "is a testament to the company's track record of excellent performance." So far this year, BlueCrest AllBlue's net asset value per share is up 4.75%, while its stock has gained 3.7%. Last year, NAV per share rose 22% and the stock went up more than 50%. The company invests in a set of hedge funds operated by BlueCrest Capital Management LLP, one of Europe's largest hedge fund groups, with $20 billion under management. While the listed format is popular with investors who want the ease and liquidity of investing in hedge funds through a traded stock, several similar companies have been wound down since the financial crisis because of disappointing performance. BlueCrest AllBlue, in contrast, has turned in positive annual returns since listing in 2006, and its shares have regularly traded at a premium to net asset value per share--an indicator that demand for the stock outstrips supply. At 0735 GMT Monday, the shares were down less than 1 pence, or 0.2%, at 165 pence. RBS Hoare Govett Ltd., part of Royal Bank of Scotland Group PLC (RBS), and Dexion Capital PLC are joint-bookrunners. Dozens of other companies have delayed initial public offerings or secondary share sales in recent weeks because of choppy markets. -By Margot Patrick, Dow Jones Newswires; +44 (0)20 7842 9451; [email protected] (END) Dow Jones Newswires June 21, 2010 03:38 ET (07:38 GMT)