Algorithmics and BlueCrest Capital Management L.P. ("BlueCrest") are pleased to announce that, as of July 1, 2008, Algorithmics’ Algo Risk Service is in production for the risk management practice of BlueCrest. This brings together the world’s leading provider of enterprise risk solutions and one of the top ten largest hedge fund firms in Europe. Algo Risk Service is an outsourced portfolio construction and risk management service that will enable BlueCrest to advance its strong risk culture.
Jonathan Martin, head of Risk at BlueCrest, said: "Our portfolio has experienced substantial growth in assets under management and we were looking for a vendor who could provide a high level of service and support to enable us to rapidly deploy new instruments into our risk management service. Algorithmics has the capability to respond to our changing requirements in a timely way, introducing additional instruments and supporting the service with experienced customer support professionals. We have a risk system in production that is configured to our unique requirements, can grow with our business, and includes responsive support from people dedicated to addressing our needs."
Dr Andrew Aziz, Algorithmics’ executive vice president of Risk Solutions, added: "We are delighted to be working with BlueCrest in providing a customized risk service to meet their specific multi-strategy requirements. We are providing them with a flexible and dedicated risk management service without the overheads normally associated with such coverage, processing power and support.
"Unique in the market, Algo Risk Service provides unmatched instrument coverage across all asset classes and investment strategies, in particular, addressing BlueCrest’s strong position in credit derivatives and OTC products in general."
Algo Risk Service allows investment managers and risk managers to analyse and quantify the risks across all their portfolios. They can then use these risk profiles to create and implement new trading and investment strategies. The service can rapidly assimilate the risk profiles of new instruments that can be incorporated into portfolios for stress testing against a bespoke set of risks to ultimately mitigate risk. The service offers a complete portfolio construction and risk oversight solution, without the costs of a complex implementation or infrastructure.
