Monday, 1 September 2014
Last updated 3 days 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 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...