UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 

Release No. 94221 / February 10, 2022

ADMINISTRATIVE PROCEEDING

File No. 3-20162

In the Matter of

BlueCrest Capital Management 

Limited,

Respondent.

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ORDER APPROVING 

APPLICATION OF FUND 

ADMINISTRATOR FOR PAYMENT 

OF FEES AND EXPENSES AND 

APPROVAL OF FUTURE FEES 

AND EXPENSES

On December 8, 2020, the Commission issued an Order Instituting Administrative and 

Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Sections 

203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing 

Remedial Sanctions and a Cease-and-Desist Order (the “Order”)1against BlueCrest Capital 

Management Limited (the “Respondent”). In the Order, the Commission found that , from 

October 2011 through December 2015, BlueCrest Capital Management Limited ("Blue Crest") 

engaged in a course of conduct stemming from its management of a proprietary hedge fund, 

BSMA Limited, that was detrimental to investors in BlueCrest’s flagship client hedge fund, 

BlueCrest Capital International. The Commission ordered the Respondent to pay 

$107,560,200.00 in disgorgement, $25,154,306.00 in prejudgment interest, and a $37,285,494.00 

civil money penalty, for a total of $170,000,000.00, to the Commission. The Commission also 

created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the 

penalty paid, along with the disgorgement and interest paid, can be distributed to harmed 

investors (the “Fair Fund”).

On June 3, 2021, the Division of Enforcement, pursuant to delegated authority, issued an 

order appointing Kurtzman Carson Consultants, LLC as the fund administrator of the Fair Fund 

and set the administrator’s bond amount (the “Appointment Order”).2

In accordance with Rule 1105(d) of the Commission’s Rules, 17 C.F.R. § 201.1105(d), 

the Fund Administrator has submitted to the Commission staff an invoice for services rendered 

from appointment through November 30, 2021, totaling $5,458.50. The Commission staff has 

reviewed the Fund Administrator’s invoice, confirmed that the services have been provided, and 

 

1

 Securities Act Rel. No. 10896 (Dec. 8, 2020).

2

 Order Appointing Fund Administrator and Set the Administrator’s Bond Amount, Exchange Act Rel. No. 92097 

(June 3, 2021).
2

finds the fees and expenses of $5,458.50 to be reasonable. The Commission staff has requested 

that the Commission authorize the Office of Financial Management (“OFM”) to pay the Fund 

Administrator’s current fees and expenses of $5,458.50 from the Fair Fund. 

Additionally, to expedite and streamline the process for future payments, the Commission 

staff has requested that the Commission authorize OFM, at the direction of an Assistant Director 

of the Office of Distributions, to pay the Fund Administrator’s future fees and expenses from the 

Fair Fund so long as the total amount paid to the Fund Administrator, including the invoice to be 

paid, does not exceed the total amount of the approved cost proposal submitted by the Fund 

Administrator.

Accordingly, it is hereby ORDERED, pursuant to Rule 1105(d) of the Commission’s 

Rules, 17 C.F.R. § 201.1105(d), that OFM pay the Fund Administrator’s current fees and 

expenses of $5,458.50 from the Fair Fund. Further, OFM is authorized to pay, at the direction of 

an Assistant Director of the Office of Distributions, any future fees and expenses of the Fund 

Administrator from the Fair Fund so long as the total amount paid to the Fund Administrator, 

including the invoice to be paid, does not exceed the total amount of the approved cost proposal 

submitted by the Fund Administrator.

For the Commission, by the Division of Enforcement, pursuant to delegated authority.3

Vanessa A. Countryman

Secretary 

 

3

 17 C.F.R. § 200.30-4(a)(21)(vi).