Sunday, 29 May 2016
Last updated 1 day ago
Jan 10 2014 | 1:05pm ET
FX Concepts' collapse last year will not be the last chapter in founder John Taylor's storied career, he vowed yesterday.
In a letter to investors, the 70-year-old Taylor said he would manage money once again, and that until then, he would busy himself with his newsletter. He also addressed FX's bankruptcy for the first time.
"The market is my home, not administration; I am back," Taylor wrote.
"The newsletter business will be the primary business asset and livelihood of John R. Taylor as it was years ago," he added. "It is difficult to operate without phones, e-mail address or even business cards, but I have rented an office and we have Bloomberg, CQG (market date provider), and friends in the banking world giving us information galore."
Taylor told clients that he had sold all of FX's assets save for the newsletter and its research process since the currency hedge fund, which once managed $14 billion, filed for bankruptcy in October. Taylor called that move "an ignominious end for our company."
"Things have changed and are still changin' at FX Concepts, where it is fair to say the world has been turned upside down," Taylor wrote. He said the sale of FX's intellectual property to Ruby Commodities has yet to close, as he continues to hammer out a global debt settlement agreement with FX's primary creditor, Credit Suisse.
"This has taken longer than our team would like, stalling our sales, collection and communication with clients and prospects," he said. But, he added hopefully, "I do believe there will be a settlement with Credit Suisse in the near future," and following it, FX will roll out a new series of medium-term and intra-day models.