(Bloomberg) -- Michael Platt’s BlueCrest Capital Management lost about 7% this year amid market volatility sparked by the collapse of Silicon Valley Bank, according to a person familiar with the matter. 

BlueCrest soared 153% last year, when successful bond bets turbocharged the fund’s returns as both interest rates and inflation rose.  

This year that market has turned, with three bank closures in the span of a week prompting increased speculation that the Federal Reserve will pause its rate hikes. That has sparked tumult among firms positioned for further tightening. 

Read more: BlueCrest’s 153% Surge Makes Platt a Bigger Billionaire 

In 2016, BlueCrest returned all client cash, instead opting to only manage Platt’s own wealth and that of his partners. A spokesman for the firm declined to comment. 

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