BlueCrest Capital Management was one of the first hedge fund managers in Europe that embraced liquid alternatives when it launched a Ucits fund similar to Leda Braga’s BlueTrend fund in 2009, the BlueCrest BlueTrend Ucits fund.

Despite positive performance, the fund was closed in the following year - much to the surprise of its investors - because its tracking error was deemed too large, one person familiar with the history said.