The following content is sourced from external partners. We cannot guarantee that it is suitable for the visually or hearing impaired.
(Bloomberg) -- Leda Braga, the former BlueCrest Capital Management executive who started her own computer-driven trading firm this month, gained about 3 percent last week when the Swiss National Bank abandoned the franc’s cap against the euro, according to an investor update.
The $5.6 billion BlueTrend Fund, which she spun out of BlueCrest, gained 7 percent this month through Jan. 16, the update from her Geneva-based firm, Systematica Investments, shows. Ed Orlebar, a spokesman for the firm at Temple Bar Advisory, didn’t return messages seeking comment.
Braga said in September that she will be taking $8.9 billion, almost a third of BlueCrest’s assets, after leaving to start Systematica. The franc soared as much as 41 percent against the euro on Jan. 15 after the SNB’s surprise decision to remove a three-year-old cap, prompting hundreds of millions of dollars in losses at banks and hedge funds in the U.S. and Europe.
BlueCrest, run by billionaire Michael Platt, shut a portfolio run by Peter Von Maydell after the Swiss franc’s surge, according to a person with knowledge of the decision. Von Maydell, a currency trader, remains at the hedge fund, said the person, who asked not to be identified because the matter is private.
To contact the reporters on this story: Saijel Kishan in New York at firstname.lastname@example.org; Lindsay Fortado in London at email@example.com To contact the editors responsible for this story: Christian Baumgaertel at firstname.lastname@example.org Pierre Paulden, Mary Romano