After 32 years, today signals the end of the road for FX Concepts, one of the longest established FX hedge funds in existance, and at its peak, the largest in North America.

International Foreign Exchange Concepts Incorporated, the holdings company responsible for FX Concepts which was founded in 1981 by John R. Taylor, has filed for bankruptcy in New York just eight days after FX Concepts announced that it would close its investment management business following the outflow of its final remaining client.

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Forex Magnates broke the news two weeks prior to any other source that the San Francisco Employees Retirement System had voted to withdraw the $450 million it had invested, representing the final institutional client to have taken the decision to withdraw from the hedge fund which just six years previous totaled $14 billion.

Referring to the San Francisco Employees Retirement System’s withdrawal, FX Concepts stated in court documents that “That investment made up almost 66 percent of the debtors’ total assets under management at that point, and the redemption proved fatal to the debtors’ business.”

International Foreign Exchange Concepts LP which is an associated unit, listed as much as $50 million in assets and a similar figure in liabilities in a seperate filing yesterday in the  US Bankruptcy Court in Manhattan,

There are no allegations of misconduct, malpractice, fraud or mismanagement associated with the demise of the firm, the bankruptcy having followed a series of lacklustre fund performances, which resulted in withdrawal of funds by all of the company’s corporate clients which were represented largely by public sector retirement funds.

The company’s assets under management had shrunk to $661 million as of September 26 this year, and positions had been wound back in order to return funds to investors subsequent to the San Francisco Employees’ Retirement System having voted to withdraw from the hedge fund.

The case relating to International Foreign Exchange Concepts Holdings Incorporated is 13-13379 at the US Bankruptcy Court Southern District of New York (Manhattan).