BlueCrest Ucits fund to be liquidated due to tracking error

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Merrill Lynch Investment Solutions surprised shareholders of the BlueTrend Ucits fund last week by revealing its intent to liquidate the fund - which is up 11.69% so far this year - citing an expected widening in the tracking error. Sources close to the situation suggest the widening would result from opportunities in commodities and fixed-income markets that the flagship BlueTrend fund will seek to capitalise on, which can't be fully replicated within the constraints of a Ucits fund.

The fund

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