Swiss franc trade is said to wipe out Everest's main hedge fund

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Swiss Franc Trade Is Said to Wipe Out Everest's Main Fund

By Katherine Burton
Bloomberg News
Saturday, January 17, 2015

Marko Dimitrijevic, the hedge fund manager who survived at least five emerging market debt crises, is closing his largest hedge fund after losing virtually all its money this week when the Swiss National Bank unexpectedly let the franc trade freely against the euro, according to a person familiar with the firm.

Everest Capital's Global Fund had about $830 million in assets as of the end of December, according to a client report. The Miami-based firm, which specializes in emerging markets, still manages seven funds with about $2.2 billion in assets. The global fund, the firm's oldest, was betting that the Swiss franc would decline, said the person, who asked not to be named because the information is private. ...

... For the remainder of the report:

http://www.bloomberg.com/news/2015-01-17/swiss-franc-trade-is-said-to-wi...



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