Saturday, 24 September 2016
Last updated 22 hours ago
Dec 2 2013 | 7:05am ET
The hammer has come down on FX Concepts' 25-year history.
A federal bankruptcy court in New York last week approved the sale of the hedge fund's assets at auction. FX's computer models, hardware, data and brand name sold for $7.48 million to Ruby Commodities.
Ruby, which boasts what FX called a "tenuous connection" to the bankrupt hedge fund, which an FX employee serving as a director at a Ruby fund, beat out Aktis Capital Advisory, which offered $7.38 million. The court directed FX to sell its assets to Hong Kong-based Aktis should the deal with Ruby fall through.
FX filed for bankruptcy last month amidst dwindling assets and poor performance. The New York-based firm, once the world's largest currency hedge fund with more than $14 billion in assets, said last week that its assets were now just $1.62 million—against $79.2 million in liabilities.
Despite FX's dismal run recently, the firm was apparently worth more whole than in pieces: high bids for FX's individual assets totaled just $3.38 million.