Friday, 26 December 2014
Last updated 2 days ago
Nov 19 2013 | 10:25am ET
The demise of his hedge fund could have dire personal financial consequences for FX Concepts founder John Taylor.
FX Concepts filed for bankruptcy last month and plans to liquidate its assets, including its intellectual property. And while that would normally be the end of the story, even if there wasn't enough money to repay creditors, in this case, it isn't.
That's because Taylor was forced to personally guarantee a piece of FX's loans from Credit Suisse's Asset Management Finance division. FX owes AMF $34.4 million, according to Hedge Fund Alert, and Taylor is personally responsible for $5 million.
The revelation indicates that the 25-year-old one-time currency hedge fund giant was in worse shape for longer than initially believed. AMF demanded the personal guarantee from Taylor when he renegotiated two revenue-sharing deals FX had with AMF in exchange for deferring eight quarterly payments.
Court documents show that FX is unlikely to be able to meet all of its obligations, which may explain why Taylor put his new Manhattan apartment on the market in September for $25 million.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.