Big fund shuttered after franc shock: Report
Switzerland's unexpected decision to allow its currency to float freely once more against the euro may have claimed another victim-Everest Capital's Global Fund.
Bloomberg News, citing a person close to the firm, reported Saturday that Everest's $830 million fund, its largest, took a bath after the Swiss National Bank unyoked the franc from Europe's single currency this week. The Miami-based firm is run by Marko Dimitrijevic, a hedge fund veteran who has a long history in turbulent emerging markets.
The SNB's decision to remove the three-year-old peg , a legacy of Europe's debt crisis, left a number of financial firms reeling. One of the worst hit was retail currency trading firm FXCM, which was forced to take a $300 million lifeline from Leucadia National (NYSE: LUK). Major Wall Street banks like Citigroup (NYSE: C), Deutsche Bank and Barclays also took a hit.
As recently as last January, the European Central Bank ranked FXCM as the world's third-largest retail foreign exchange broker.
Reached by CNBC, a representative for Everest Capital declined to comment.
Bloomberg's full report can be found here.
--CNBC's Kate Kelly contributed to this article.
More From CNBC