Currency hedge fund firm FX Concepts is on the verge of collapsing.
Bloomberg Businessweek reported that New York-based FX Concepts, which was the world’s largest hedge fund firm at one point, is closing several of its funds and cutting staff as the firm’s main trading program lost 15% this year.
FX’s assets under management decreased to just $661 million as of September 26, from about $12 billion in 2009. The article said that the San Francisco Employees’ Retirement System also voted last month to redeem the more than $450 million it had invested in DX.
Founded in 1981 by John Taylor, FX has been self-described as one of the oldest currency-only hedge funds.