FX Concepts to close investment management business

NEW YORK Wed Oct 9, 2013 1:45pm EDT

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.

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