End-user of the year: Hedge fund BLUEMOUNTAIN CAPITAL MANAGEMENT

Risk Awards 2006

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Correlation traders have endured one of the toughest trading environments of any market in recent years. Both hedge funds and proprietary trading desks suffered millions of dollars in mark-to-market losses as idiosyncratic risk and technical flows caused commonplace hedging strategies to come unstuck. Like other participants, New York-based hedge fund BlueMountain Capital Management found the market challenging, and on occasion punishing. But the $2.5 billion fund's use of fundamental credit

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