Everest Capital is shutting down its largest hedge fund, Global Fund, after losing nearly all its money, reports Bloomberg.
The move comes after the Swiss National Bank (SNB)’s sudden decision to abandon its cap on the franc against the euro. The decision triggered a jump in the Swiss currency’s value against the euro and the dollar.
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As of December end, Everest Capital’s Global Fund comprised nearly $830m in assets.
Miami-based firm Everest Capital is run by Marko Dimitrijevic. The company specializes in emerging markets and will continue to run seven funds with around $2.2bn in assets under management.
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