FX Concepts, a New York-based private manager of foreign exchange risk, is to close its investment management business, following poor performance.
Founded in 1981, the FX Concepts came into siege in 2013 with the withdrawal of important investors, including the Pennsylvania Public School Employees’ Retirement System and the Bayerische Versorgungskammer pension fund.
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Recently, the firm’s assets under management had dropped to US$621 million from US$14 billion in 2007.
According to the company, it will close all its open positions and hedge funds, but will run its newsletter and currency overlay businesses that manages the foreign exchange risk of equity and bond portfolios for asset managers.
The hedge funds include the FX Concepts Protection fund with assets of US$9.02 million, the Global Currency Program with assets of US$28.9 million, the Multi-Strategy Fund with assets of US$68.7 million, and the Global Financial Markets Fund with assets of US$11.5 million.
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