After Pitiful Performance, A Pink Slip For Swiss Hedge Fund Manager

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.


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

Securities and Exchange Commission Chair Mary Jo White will step down as chair of the nation’s Wall Street overseer in January, setting the stage for a potential conservative shift in the regulator’s leadership under the incoming Donald Trump administration.