Large Everest Capital hedge fund closing after Swiss franc losses: Bloomberg
Hedge fund manager Marko Dimitrijevic is closing his largest hedge fund, Everest Capital's Global Fund, having lost almost all its money after the Swiss National Bank (SNB) scrapped its three-year-old cap on the franc against the euro, Bloomberg news reported on Saturday.
Citing a person familiar with the firm, Bloomberg said the fund had been betting that the Swiss franc would decline. The fund had about $830 million in assets at the end of 2014, according to a client report cited by Bloomberg.
It said an Everest spokesman would not comment on the fund and Dimitrijevic did not return calls.
Everest Capital, based in Miami and specializing in emerging markets, still manages seven funds with about $2.2 billion in assets, Bloomberg said.
The SNB triggered big losses around the globe on Thursday when it removed a three-year-old cap on the value of the Swiss franc against the euro, allowing it to soar.
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