(Reuters) -Britain's Financial Conduct Authority on Tuesday secured a $101 million redress for investors in a fund sub-managed by BlueCrest Capital Management, and imposed a public censure on the investment firm.

The FCA said BlueCrest, the investment firm co-founded by billionaire Michael Platt, had failed to deal fairly with a conflict of interest when managing an investment fund for the benefit of its partners and employees and a flagship fund available to external investors between 2011 and 2015.

"This redress scheme brings a positive end to a long-running case," said Therese Chambers, the FCA's co-head of enforcement.

"BlueCrest put its own interest ahead of the external fund and provided a substandard service, which meant that investors lost out."

A representative for BlueCrest was not immediately available for comment.

The scheme seeks to compensate non-U.S. investors who were not eligible for redress under a similar U.S. scheme.

BlueCrest had attempted to strike out the FCA's case but the Court of Appeal reinstated the proposal in October, 2024. A subsequent appeal to the UK Supreme Court has been withdrawn.