FX Assets Less Than $2 Million

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.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of