FX Concepts, Once Worth $14 Billion, Now Worth Less Than $2 Million

FX Concepts has fallen from being the largest currency hedge fund in the world with $14 billion in assets under management before the financial crisis to a bankrupt company with less than $2 million AUM and nearly $80 million in liabilities, Gertrude Chavez-Dreyfuss reports for Reuters.

FX Concepts’ loan note

Of its $1.62 million in assets, $1.61 million is a loan note from FX Concepts founder and chief investment officer John Taylor, so the fund is basically operating on the founder and largest shareholder’s dime...