Swiss Franc De-Peg

Billionaire Michael Platt’s BlueCrest Capital Management lost money in one of its funds and at least two employees departed as the fallout from last week’s sudden jump in the Swiss franc spread across the hedge-fund industry.

Platt lost 5.5 percent in his macroeconomic fund through Jan. 16, two people with knowledge of the matter said. Comac Capital, Fortress Investment Group LLC (FIG) and Everest Capital also reported declines.

Among managers avoiding losses are Leda Braga, a former BlueCrest executive who started her own computer-driven trading firm this month, and who gained 7 percent in January through last week. Billionaire Alan Howard posted gains in his main fund at Brevan Howard Asset Management.

http://www.bloomberg.com/news/2015-01-21/platt-s-bluecrest-fund-said-to-drop-5-5-as-two-traders-leave.html

Swiss Franc De-Peg

Large Everest Capital hedge fund closing after Swiss franc losses: Bloomberg

(Reuters) - Hedge fund manager Marko Dimitrijevic is closing his largest hedge fund, Everest Capital's Global Fund, having lost almost all its money after the Swiss National Bank (SNB) scrapped its three-year-old cap on the franc against the euro, Bloomberg news reported on Saturday.

Citing a person familiar with the firm, Bloomberg said the fund had been betting that the Swiss franc would decline. The fund had about $830 million in assets at the end of 2014, according to a client report cited by Bloomberg.

It said an Everest spokesman would not comment on the fund and Dimitrijevic did not return calls.

http://www.reuters.com/article/2015/01/17/us-swiss-snb-everest-idUSKBN0KQ0N920150117

Directional Bull Bet Gone Wrong, Near 100% Loss in 9 months

A hedge fund manager told clients he is "truly sorry" for losing virtually all their money.

Owen Li, the founder of Canarsie Capital in New York, said Tuesday he had lost all but $200,000 of the firm's capital—down from the roughly $100 million it ran as of late March.

"I take responsibility for this terrible outcome," Li wrote in a letter to investors, which was obtained by CNBC.com.

"My only hope is that you understand that I acted in an attempt—however misguided—to generate higher returns for the fund and its investors. But even so, I acted overzealously, causing you devastating losses for which there is no excuse," he added.

http://www.cnbc.com/id/102356275#.