Mon, Nov 24, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Update: FX Concepts winds down investment management operations

Thursday, October 10, 2013

amb
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 month’s Securities and Exchange Commission (SEC) filing. FX Concepts m......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Regulatory - Stringent rules for hedge funds make the financial system fragile[more]

    From FT.com: …It is one thing to impose a regulatory burden when there is a clear need to do so. Banks are underwritten by taxpayers via deposit insurance as well as the too-big-to-fail safety net; they need to be reined in, and if they shrink as a result, that may be welcome. But it is another thin

  2. Investing - Apple: Hedge funds are crazy about it, Greenlight Capital took stake in Citizens Financial after IPO, Tiger Global added to Hertz, exited Dollar General last quarter, Oberweis sells NQ Mobile stake as Valiant adds shares, Whitney Tilson sticks to losing bet on MagicJack shares, Brigade Capital backs €90m Quinn sale[more]

    Apple: Hedge funds are crazy about it From Techinsider.net: Apple Inc. is still the most popular stocks among hedge funds. According to a recent report by hedge fund tracking site Insider Monkey, more than one out of 5 hedge funds are invested in Apple Inc. At the moment there are

  3. Greenlight Re CEO says hedge fund reinsurance strategy buzz is validating[more]

    From Artemis.bm: The attention being paid to the hedge fund reinsurance business model and the fact that others are now looking to leverage bits of it within their own strategies, is validating for reinsurer Greenlight Capital Re, according to CEO Bart Hedges. There has been an increasing buzz

  4. Legal - Hedge fund manager fights £8m tax tribunal ruling[more]

    From FT.com: A hedge fund manager who may have to repay £8m in tax is trying to overturn a tribunal ruling that found he had attempted to shelter millions in an avoidance scheme. Patrick Degorce, chief investment officer at Theleme Partners, lost a tax tribunal case last year. HM Revenue & Customs c

  5. Europe - Hedge funds face exit tax as Iceland central bank discusses plan[more]

    From Bloomberg.com: Hedge funds and other creditors with claims against Iceland’s failed banks face an exit tax as the island looks for ways to unwind capital controls without hurting the economy. The government targets having a plan it can present by year-end that would map out how Iceland will sca