This content is from: Portfolio

The Morning Brief: BlueCrest’s Blue Trend Bounces Back

London-based Bluecrest Capital Management’s BlueTrend fund continues to build on its strong May performance, when it was up 6.25 percent. The $14.4 billion computer-driven fund is up about 1.90 percent this month, through June 20. As a result, its U.S. dollar shares are up 5.42 percent for the year. Last month, the Master Fund made money from four of the seven markets it trades, according to its recently published May monthly report for clients. “The bond sector was most notable in contributing very strongly to performance, with the equities sector also adding to gains,” the report states. The three main commodities markets it trades slightly detracted from performance, it adds. The fund had a tough 2013, when it lost 11.38 percent.

Kenneth Griffin’s Citadel disclosed that it owns nearly four million shares, or 6.9 percent, of PHH Corporation, which provides outsourced mortgage and fleet management services to businesses. The Chicago-based hedge fund firm did not own any shares of the company at the end of the first quarter.

More woes for Raj Rajaratnam. Peter Malaszuk, his former driver, has sued the founder of Galleon Group, alleging that he was fired after complaining the one-time hedge fund honcho made secret wire transfers to 20 fellow prisoners. The lawsuit, which also names Rajaratnam’s wife and a company she owns, claims the wire transfers were made at Rajaratnam’s direction “in order to control such prisoners and obtain special treatment and accommodations in prison,” according to Reuters, citing the lawsuit.

Malaszuk also claims he was fired for complaining that Rajaratnam, who was convicted for insider trading, used an improperly notarized immigration document for Rajaratnam’s son in order to obtain a visa for him. The former employee also claims he is owed $275,000 in unpaid overtime. Rajaratnam is serving 11 years in prison after being convicted of securities fraud and conspiracy.

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