Wednesday, 27 May 2015
Last updated 2 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by partcipating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…