t*********8
发帖数: 134 | 1 The future of this once-$14B hedge fund is in doubt
Text Size Published: Monday, 7 Oct 2013 | 9:44 AM ETBy: Lawrence
Delevingne |
Monday, 7 Oct 2013 | 11:50 AM ET
FX Concepts, John Taylor's currency-focused hedge fund firm, which once
managed more than $14 billion, may soon shut.
One of the 32-year-old firm's last remaining large institutional investors,
the San Francisco Employees' Retirement System, voted to redeem its money
Sept. 11, according to Jay Huish, the pension plan's executive director.
"The Board approved reducing its currency overlay program target to zero
percent," Huish said in an email to CNBC.com. "There is no intention at this
time to redeploy the currency overlay mandate to any new currency managers.
"
San Francisco had more than $450 million with New York-based FX Concepts—
most of the $661 million the firm reported managing overall in its latest
Securities and Exchange Commission filing.
That redemption may have been fatal.
John Taylor, chairman and CEO of FX ConceptsAccording to two people familiar
with the situation, FX Concepts is liquidating its hedge funds and recently
laid off most of its employees.
Those accounts could not be directly confirmed. Robert Savage, FX's chief
strategist and head of related research service Track.com, told CNBC.com the
firm was still running.
"We are in the process of restructuring—we have let go some staff and are
in the process of closing some funds, we remain an ongoing firm with years
of experience in handling client money and solving FX problems for them,"
Savage said via email.
Asked about whether the firm was considering bankruptcy, Savage said that "
anything is possible but not the most probable or preferred outcome—we are
restructuring—working with our creditors."
The San Francisco redemption follows recent withdrawals by the Pennsylvania
Public School Employees' Retirement System and German pension fund
Bayerische Versorgungskammer. A filing in September also disclosed that FX
Concepts had liquidated two of its smaller hedge funds: the Volatility JPY
Fund and Multi-Strategy HighAlpha GBP Fund.
Taylor founded the firm in 1981 as a research service and began managing
external capital in 1988.
FX Concepts grew to manage $14.2 billion in January 2008 by successfully
using systematic investment strategies in currencies, fixed-income
derivatives, and commodity and equity futures. Taylor was named one of the
best-paid hedge fund managers of 2008 by Alpha magazine, pulling in an
estimated $250 million.
But like many trend-following hedge funds (often called managed futures
shops or commodity trading advisors) FX Concepts has lost money in recent
years. The flagship multistrategy fund is down 11.35 percent this year
through August.
It also fell 14.47 percent in 2011 and lost 3.11 percent in 2012. The fund
produced net annualized returns of 3.74 percent from January 2002 through
this August.
"As a basket, trend-following funds have been disappointing over the last
several years. Central bank policies have made it increasingly difficult to
invest on a macro level or based on historical precedent," said Charles
Stucke, chief investment officer of Guggenheim Investment Advisors, which
has no relationship with FX Concepts.
"That said, most people use trend-following as a hedge, and so recent losses
during a bull equity market are in line with expectation," he added. "As
government intervention in the markets tapers and there's a return to
fundamentals, we think the strategy could do well."
The Absolute Return Managed Futures Index fell 2.71 percent in 2011, 0.86
percent in 2012 and another 2.30 percent this year through August. The
strategy has yielded net annualized returns of 6.99 percent since January
1998, including a gain of 15.91 percent in 2008.
Taylor himself recently lamented the difficulty his type of firm faced.
"Trend-following is dead because trends never really get going," Taylor said
in July, according to Track.com. "Investors trying to read signals in the
financial markets pushed by political and central bank diktats have
struggled to keep up with the latest government moves."
Other large managed futures hedge funds have faltered recently.
As noted recently in hedge fund publication Absolute Return, Renaissance
Technologies' Renaissance Institutional Futures Fund is down 3.03 percent
for the year through August. Quantitative Investment Management's
Quantitative Global Program is down 5.50 percent.
Winton Capital's Winton Futures Fund is down 0.10 percent. The Brevan Howard
Investment Fund IIMacro FX fund is also down 4.20 percent through August,
and the currency focused Ortus Fund from Ortus Capital Management was down
14.81 percent through Sept. 13, according to a report by HSBC's Alternative
Investment Group.
A rash of employees—many of them with long tenures—have departed FX
Concepts.
They include former senior investment researcher Saurabh Kumar (left in
August 2013); quantitative researcher Simon Zhang (August 2013); compliance
officer Courtney Wessling (May 2013); compliance director Susan Kim (March
2013); quantitative analyst Dyuti Lad (February 2013); portfolio manager
Edward Boyle (January 2013); portfolio manager Ross Thalheimer (October 2012
); director of investment administration Laurie Pisano (March 2012);
portfolio administrator Lauren Orlouski (March 2012); chief financial
officer Anthony Sacco (December 2011); managing director for fixed income
Timothy O'Grady (September 2011); portfolio manager Brett Holleman (
September 2011); head of research James Conklin (August 2011); and vice
president Trey Fitzpatrick (April 2010).
FX Concepts also faces ongoing litigation by former fixed income trader
Michael Zentz, primarily over allegedly lost pay. Zentz worked at the firm
from 1997 to 2007. The firm has fought the accusations and Zentz declined to
comment.
One clue to FX Concepts troubles is Taylor's home. In 2010,Taylor bought a
nine-room, three-bedroom apartment on Manhattan's Upper East Side for $22
million—$4.5 million above its asking price—using a loan from FX Concepts.
Taylor has the property on the market for $25 million. It's "truly a one-of-
a-kind opportunity to own a magnificent residence in one of Manhattan's
finest prewar co-ops," a Sotheby's listing says.
Savage confirmed the aim of the sale is to benefit the firm. "The story of
John agreeing to sell his home to help recapitalize the firm is accurate and
, yes, FXC like many other funds [has] some debt agreements in place."
—By CNBC.com's Lawrence Delevingne. Follow him on Twitter @ldelevingne. | n****e
发帖数: 2401 | 2 其他的也蹦哒不了几天了。听说库操的基金也快不行了。
Delevingne.
,
【在 t*********8 的大作中提到】
: The future of this once-$14B hedge fund is in doubt
: Text Size Published: Monday, 7 Oct 2013 | 9:44 AM ETBy: Lawrence
: Delevingne |
: Monday, 7 Oct 2013 | 11:50 AM ET
: FX Concepts, John Taylor's currency-focused hedge fund firm, which once
: managed more than $14 billion, may soon shut.
: One of the 32-year-old firm's last remaining large institutional investors,
: the San Francisco Employees' Retirement System, voted to redeem its money
: Sept. 11, according to Jay Huish, the pension plan's executive director.
: "The Board approved reducing its currency overlay program target to zero
| t*********8
发帖数: 134 | 3 亮点1: quantitative researcher Simon Zhang (August 2013 left) ;
亮点2: 著名的文艺复兴和温屯都赔钱鸟
,
【在 t*********8 的大作中提到】
: The future of this once-$14B hedge fund is in doubt
: Text Size Published: Monday, 7 Oct 2013 | 9:44 AM ETBy: Lawrence
: Delevingne |
: Monday, 7 Oct 2013 | 11:50 AM ET
: FX Concepts, John Taylor's currency-focused hedge fund firm, which once
: managed more than $14 billion, may soon shut.
: One of the 32-year-old firm's last remaining large institutional investors,
: the San Francisco Employees' Retirement System, voted to redeem its money
: Sept. 11, according to Jay Huish, the pension plan's executive director.
: "The Board approved reducing its currency overlay program target to zero
| D********n
发帖数: 978 | 4 又不是Medallion, 别激动。
【在 t*********8 的大作中提到】
: 亮点1: quantitative researcher Simon Zhang (August 2013 left) ;
: 亮点2: 著名的文艺复兴和温屯都赔钱鸟
:
: ,
| w**********y
发帖数: 1691 | 5 温屯今年赔钱？不太可能把?我记得上次看barclays的数据他们今年还不错
【在 t*********8 的大作中提到】
: 亮点1: quantitative researcher Simon Zhang (August 2013 left) ;
: 亮点2: 著名的文艺复兴和温屯都赔钱鸟
:
: ,
| p*u
发帖数: 2454 | 6
looks like a small potato in FX Concepts, based on his LinkedIn profile
【在 t*********8 的大作中提到】
: 亮点1: quantitative researcher Simon Zhang (August 2013 left) ;
: 亮点2: 著名的文艺复兴和温屯都赔钱鸟
:
: ,
| k****y
发帖数: 4083 | 7 where's simon now?
【在 p*u 的大作中提到】
:
: looks like a small potato in FX Concepts, based on his LinkedIn profile
| d*j
发帖数: 13780 | 8 what is 温屯 a ?
【在 w**********y 的大作中提到】
: 温屯今年赔钱？不太可能把?我记得上次看barclays的数据他们今年还不错
| t*********8
发帖数: 134 | 9 Winton
国内一般翻译成 温顿投资管理公司 or 元盛资产管理公司
【在 d*j 的大作中提到】
: what is 温屯 a ?
| A****F
发帖数: 1133 | 10 金瓶梅 从他linkedin看的
【在 k****y 的大作中提到】
: where's simon now?
| | | d*j
发帖数: 13780 | 11 thanks.
【在 t*********8 的大作中提到】
: Winton
: 国内一般翻译成 温顿投资管理公司 or 元盛资产管理公司
| s*******s
发帖数: 1568 | 12 why simon is so famous? Looks like a......sp
【在 k****y 的大作中提到】
: where's simon now?
| p******i
发帖数: 1358 | 13 恩，奇怪
这个人背景一点也不强
【在 t*********8 的大作中提到】
: 亮点1: quantitative researcher Simon Zhang (August 2013 left) ;
: 亮点2: 著名的文艺复兴和温屯都赔钱鸟
:
: ,
| k****y
发帖数: 4083 | 14 what's sp?
simon is a fun guy, friends like him
【在 s*******s 的大作中提到】
: why simon is so famous? Looks like a......sp
| J*****n
发帖数: 4859 | 15 个人觉得，传统上的trend following的策略，已经死了。 | k****y
发帖数: 4083 | 16 追神兄差矣。
trend following的策略是至今唯一能经受考验的策略
【在 J*****n 的大作中提到】
: 个人觉得，传统上的trend following的策略，已经死了。
| w**********y
发帖数: 1691 | | J*****n
发帖数: 4859 | 18
Really? Look back those CTAs since 2009.
But, I noticed a fund Fort LP (mean reversion CTA), about 1b AUM. Its
performance is very stable and impressive.
【在 k****y 的大作中提到】
: 追神兄差矣。
: trend following的策略是至今唯一能经受考验的策略
| t*********8
发帖数: 134 | 19 辛辛苦苦30年，一夜回到解放前。
这生意无论干到多大，如果连续2年亏10%以上，垮掉就是一夜间的事。
FX Concepts to close investment management business
NEW YORK | Wed Oct 9, 2013 11:15pm IST
NEW YORK Oct 9 (Reuters) - FX Concepts, once the largest currency hedge fund
in the world, announced on Wednesday it is winding down its investment
management operations.
In an e-mailed statement, FX Concepts Vice Chairman Jonathan Clark said
assets at the firm "have dropped to levels that can no longer sustain the
business."
On Monday, FX Concepts chief strategist Bob Savage said the firm's assets
under management have dropped to $621 million from a high of $14 billion in
2007.
Clark said FX Concepts will wind down open positions and close all of its
funds. It will remain, however, in the newsletter and currency overlay
businesses. Currency overlay refers to managing the foreign exchange risk of
equity and bond portfolios for assets managers. | w**********y
发帖数: 1691 | 20 你看的哪年信息。。说到头，黑猫白猫，mean reversion trending following, 都有
赚有赔的
Fort LP (Global Contrarian LP)
Sep: 4.31%
2013 YTD: -0.36%
AUM: 561.9
【在 J*****n 的大作中提到】
:
: Really? Look back those CTAs since 2009.
: But, I noticed a fund Fort LP (mean reversion CTA), about 1b AUM. Its
: performance is very stable and impressive.
| l**********e
发帖数: 336 | 21 2012 2.83% / 2011 28.70% / 2010 27.86%
from this record, seems better than many CTA fund
【在 w**********y 的大作中提到】
: 你看的哪年信息。。说到头，黑猫白猫，mean reversion trending following, 都有
: 赚有赔的
: Fort LP (Global Contrarian LP)
: Sep: 4.31%
: 2013 YTD: -0.36%
: AUM: 561.9
|
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