The recently besieged Everest Capital is closing down six of its seven funds and relinquishing capital to investors after the Swiss franc effectively toppled the group’s core funds in a snap Swiss National Bank (SNB) move.
Back in January, Forex Magnates reported the dire straights faced by Everest Capital, following a total wipe out of its largest fund, Everest Capital’s Global Fund, which closed after large losses via short Swiss franc positions prior to the SNB decision to the tune of an $830 million loss.
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Dude Where’s My Funds?
Despite the evasion of other Everest Capital’s funds to the Swiss franc tempest, overall redemptions have been high nonetheless. As a result, investors will receive approximately 90% of their capital back pending the cessation and closure of the funds close at the end of the month, according to a report from FINalternatives.
Marko Dimitrijevic, Everest Capital’s Founder, having previously revealed plans to restructure its Global Fund following the Swiss franc volatility, has since decided to stick with only the company’s $570 million emerging markets fund.