Michael Grad, the influential Global Head of Business Development at BlueCrest Capital Management, is set to depart the hedge fund-turned-family office founded by Michael Platt, according to a report by Business Insider citing several industry sources.
Grad, widely regarded as one of the hedge fund industry’s premier portfolio manager recruiters, joined BlueCrest in 2017 from Millennium Management. Since then, he has played a key role in building out BlueCrest’s trading roster following its 2016 transformation into a family office. His departure marks the exit of one of the firm’s most strategically important figures in talent acquisition and capital allocation.
Under Grad’s leadership, BlueCrest significantly expanded its trading platform, and is now home to around 150 independent teams and 550 staff globally, a source familiar with the firm said. His success in attracting top-tier talent across macro, fixed income, and equity strategies has been a major driver of the firm’s post-transition success.
Once a $35bn hedge fund, BlueCrest has delivered standout returns: 153% in 2022, 20% in 2023, and 38% in 2024, according to Bloomberg. Through May 2025, the firm was reportedly up 28%, buoyed by profitable macro bets including short positions on the US dollar amid President Trump’s renewed tariff agenda.
While not structured as a traditional multi-manager hedge fund, BlueCrest operates similarly, allocating capital to dozens of independently run pods across asset classes. Portfolio managers at the firm are known to receive some of the most lucrative payouts in the industry, further elevating the importance of effective business development.
Grad’s exit comes at a time when competition for trading talent is intensifying across the hedge fund landscape. Firms like Citadel, Millennium, Point72, and Balyasny are investing heavily in business development teams, offering multimillion-dollar packages to top recruiters who can secure elite PMs.
