Friday, 22 August 2014
Last updated 4 hours ago
Nov 27 2013 | 9:34am ET
FX Concepts, once the world's largest currency hedge fund with more than $14 billion, now has less than $2 million in assets.
The New York-based fund revealed just $1.62 million in assets against about $79.2 million in liabilities in a court filing Monday. FX filed for bankruptcy last month amidst dwindling assets and poor performance.
Most of the firm's assets are in the form of a loan note from firm founder John Taylor, valued at $1.61 million.
The court filings also show that FX's largest creditor is Asset Management Finance, the Credit Suisse unit which holds a $34 million unsecured note against the hedge fund. AMF last year renegotiated its agreement with FX, in exchange for Taylor personally guaranteeing $5 million of the debt.
According to the filings, FX earned $173,651.68 in 2011, $1.13 million last year and just $35,785.47 through the end of September this year. At the beginning of 2013, the firm paid out a $749,309 shareholder distribution, of which $376,433 went to Taylor and his trust.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note