NEW YORK Oct 9 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.