Bluecrest takes on EM head from Morgan Stanley

BlueCrest Capital Management has hired a former head of global emerging markets research from Morgan Stanley, to take on the same position at the $24bn hedge fund

Jaime Valdivia was most recently a partner and portfolio manager at Emerging Sovereign Group, as well as being director for global macro research specialising in global sovereign credit and rates strategy.

Mike Platt, BlueCrest chief executive, said: “The breadth and depth of Jaime’s significant experience as a portfolio manager, strategist, and researcher, will be a great addition to our business.”

Vladivia will provide input to the team running BlueCrest’s $1.2bn emerging markets fixed income fund, launched on 1 September 2005.

The fund trades local interest rates, sovereign and quasi-sovereign credit, foreign exchange.

It made 5.33% last quarter, compared to 3.8% from the average fixed income hedge fund tracked by Hedge Fund Research.

During the third quarter the managers of BlueCrest’s portfolio felt the market was becoming “increasingly supportive” of emerging fixed income, with trading of sovereigns and “relatively light” positioning among currencies boosting the fund’s returns.

David Walker

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