Sunday, 26 April 2015
Last updated 2 days ago
Nov 13 2013 | 9:58am ET
New York-based currency hedge fund FX Concepts has put its intellectual property up for sale in a bankruptcy auction.
The firm, which filed for bankruptcy in October due to poor performance, hopes to raise as much as $2 million on the sale of its quantitative models, historical data and trademark.
Bob Savage, FX Concepts' chief operating officer, told Thomson Reuters that the firm has a potential buyer for its intellectual property—Aktis Capital Advisory, a Hong-Kong based private equity group, which has entered a stalking horse bid of $1 million to $2 million.
The firm will also sell its newsletter business. The sale will take place on November 25.
Founded by John Taylor in 1981, FX Concepts was once the largest currency hedge fund in the world, with peak assets of $14.2 billion in 2007. That figure has dwindled to just $621 million—most of which belongs to the San Francisco Employees' Retirement System, which last month moved to redeem the entire amount.
In announcing the decision to close, vice-chairman Jonathan Clark said:
"Assets at the firm have dropped to levels that can no longer sustain the business. 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."
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…