John Taylor Benedicte Gravrand, Opalesque Geneva:
Yesterday, FX Concepts sent a general e-mailed announcement from its New York offices that the company would wind down its investment management business over the next few weeks.
"Assets at the firm have dropped to levels that can no longer sustain the business," Robert Savage, Chief Strategist, says in the announcement (which a source forwarded to Opalesque). "The Board has concluded that it is in the best interest of the firm's investors to conduct an orderly wind down of open positions, close its funds, and hand back any remaining mandates to clients."
"The firm remains in the newsletter and FX overlay advisory business, and continues to investigate its options for the future," he adds.
The future of John Taylor's currency-focused hedge fund firm was already in doubt a few days ago, when we heard that one its last remaining large institutional investors, the San Francisco Employees' Retirement System, had voted to redeem its money in September in order to reduce its currency overly program target to zero percent.
According to CNBC on Monday, San Francisco had more than $450m with the 32-year old firm, which reported managing $661m in last monthís Securities and Exchange Commission (SEC) filing. FX Concepts m......................
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