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Andrew Feldstein, former managing director and co-head of North American structured products and derivatives marketing at JPMorgan in New York, is setting up a North American arm of London-based hedge fund manager BlueCrest Capital Management. The firm, dubbed BlueCrest North America, will manage the Blue Mountain Credit Alternative Fund, which will invest in structured credit as well as adopt credit arbitrage strategies, he said. Feldstein announced his intention to quit JPMorgan in February (DW, 2/9).