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Komfie Manalo, Opalesque Asia:

He survived at least five emerging market debt crisis. But Marko Dimitrijevic of Everest Capital announced he is closing his largest hedge fund, the Everest Global Fund, after losing virtually all its money last week when the Swiss National Bank (SNB) announced it would allow the franc to trade freely against the euro.

According to the Irish Examiner, the Everest Global Fund ended December with $830m in assets. The Miami-based Dimitrijevic would still manage seven hedge funds with about $2.2bn in assets. He specializes in emerging markets. Everest Global Fund was betting the Swiss franc would decline.

Currency speculators and global macro hedge funds with large short positions in the Swiss franc reported massive losses after the SNB shocked markets by unexpectedly removed a three-year-old cap on the currency. The move sent the safe-haven franc soaring against the euro and the U.S. dollar at a time when more than $3.5bn was betting on more franc weakness, the largest such position in more than a year and a half.

The damage from the Swiss franc's sharp moves comes as a blow for macro hedge fund managers nursing wounds from nearly four years of mediocre performance. On......................

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