Wednesday, 27 July 2016
Last updated 19 min ago
Jun 28 2010 | 7:04am ET
A Swiss hedge fund firm has fired one of its managers for posting some of the worst performance numbers in the industry.
SwissDirekt has parted ways with Willen Van der Vorm, its chief trader and manager of its High Risk Fund. The vehicle has certainly lived up to its name in recent years, losing an eye-popping 82% in 2008 and shedding 9% this year through April, when Van der Vorm was relieved.
The firm told Reuters that it wasn’t only the losses posted by Van der Vorm, but how they were made.
Van der Vorm “had a trading approach that was against the company’s ideas of how the fund has to be traded,” CEO Thomas Kuhn said. “We had strict guidelines and he overruled them three times. It was lack of discipline.”
Van der Vorm has been replaced at the €400,000 fund—which once managed €1.8 million—by algorithmic trader Francis Everington and former LIFFE trader Jerry Slager.