The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Opinion

Sideways: BlueCrest takes the I out of AI

BlueCrest Capital Management’s agreement to pay $170 million to settle charges that it used a trading algorithm to exploit investors is a warning that artificial intelligence (AI) can be a tool to dupe the unwary.

gold robot 960x535.jpg

For many years Michael Platt, the former JPMorgan swap trader who founded BlueCrest Capital Management, was a relatively low-key investor who was known in the industry as a hugely profitable dealer but was otherwise able to go about his business unburdened by public attention.

He is now developing an alarming propensity for headline generation, however, even though he converted BlueCrest from a hedge fund to a family office in late 2015 and could in theory have retreated even further from the limelight.

In December 2019, an odd video emerged of Platt having a conversation with a New York cab driver in which he repeatedly described himself as “the highest-earning person in the world in finance”.

Michael Platt 200x200.jpeg
Michael Platt

This generated intense debate over whether Platt was in on a joke with the cab driver – who posts videos of conversations with celebrities – or was simply boasting after a long evening spending some of his well-earned money.

For all Platt’s outward sophistication – as a financial engineer and art patron who made a cameo on the US television show Billions – he is also a trader who grew up in the UK, so the latter possibility cannot be ruled out.

BlueCrest

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree