Ex-Hedge Funder Apologizes For Husband's Downfall

Jan 13 2012 | 1:07am ET

Former Moore Capital Management trader Kashya Hildebrand has apologized for the currency trades that led to her husband's downfall as head of Switzerland's central bank.

Philipp Hildebrand resigned on Monday amidst an uproar over his wife's purchase of dollars just weeks before Hildebrand's Swiss National Bank took decisive action to weaken the Swiss franc. Word of Kashya Hildebrand's trade was leaked by a now-former Bank Sarasin employee to her husband's political enemies.

"This was obviously a mistake," Kashya Hildebrand said during a televised interview of her August currency trade. "The far-right was making headlines, there was pressure on my husband to lose his job, the last thing that man was thinking about was his private portfolio."

"What breaks my heart is that his credibility is now being stained," Hildebrand said of her husband. "There was an error of judgment. He should have never let me do that transaction, and upon reflection that transaction should have been reversed."

"Had I known what maelstrom I caused for this country, I really—from the bottom of my heart—I apologize to the Swiss people, to the politicians who have been distracted from what's important and more importantly to my husband, because he's a great man, he's done a great job," she continued.

Hildebrand now runs an art gallery in Zürich, and denied that she would have bought dollars if she knew the SNB's plan to cap the franc's value against the euro.

"Why not trade the targeted currency?" she asked. "It's euro-Swiss."

In Depth

Related-Company Fees: Normal Industry Practice or Conflicted Compensation?

Nov 11 2015 | 4:23pm ET

Regulatory agencies as well as investors are increasingly exploring whether certain...


Ferrari Roars in Wall Street Debut

Oct 21 2015 | 4:28pm ET

Shares of supercar maker Ferrari jumped as much as 15 percent to a high of nearly...

Guest Contributor

Private Debt - What is the Opportunity?

Nov 11 2015 | 3:28pm ET

In this contributed article, Rob Allard, founding partner of Firebreak Capital...


Editor's Note

    Oct 21 2015 | 10:41am ET

    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…