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

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.