The United Kingdom’s Financial Behavior Authority (FCA) secured $ 101 million in compensation to the United Kingdom and other investors not US in a Bluecrest Capital Management (UK) LLP fund and imposed publicly.
Between October 2011 and December 2015, Bluecrest failed to fairly manage a conflict of interests created by its role in managing both an investment fund exclusively for the benefit of its partners and employees as well as a flagship fund available in external investors.
The Bluecrest administration approved traders based in the United Kingdom who were transferred from the Fund to work at the Internal Fund, in which they were personally invested and where they were personally benefiting from these decisions.
The revelations about investors were inadequate and, at times, misleading. Investors were not informed that a significant number of traders were transferred to work at the Internal Fund. This ability of investors to make documented decisions.
The failure of the business to manage the conflict fairly led to a sub-formulated service for the foreign fund and its investors.
Asset Managers are reliable to make decisions for their customers. It is vital that they have the right systems and controls to ensure that conflicts of interest manage fairly.
The recovery system will be supervised by Bluecrest. Influenced investors will come into contact with the next steps from the Bluecrest or a program manager if he chooses to appoint one.