A Few Hedge Funds Actually Killed It Betting On The Swiss Franc
To recap, Citigroup and Deutsche Bank both lost about $150 million each when the franc soared in value. Interactive Brokers lost $120 million and foreign exchange broker FXCM said clients lost $225 million.
But of course, someone had to be on the other side of those positions and, those are the investors that came out on top.
According to the Wall Street Journal, here are a few hedge funds, specifically, that actually made money betting on the Swiss franc:
Brevan Howard Asset Management, where Alan Howard runs $23.7 billion, was up 0.8% last week and 1.9% this year.
Lynx Asset Management in Stockholm with $5.5 billion in assets gained 2% last week and 4% for the year.
Quaesta Capital AG, a Swiss investment firm with $3 billion AUM, is up 14% this year.
Rubicon Global, a London-based macro hedge fund which manages over $1 billion, regained on it's 2.3% decline.
Omni Partners LLP in London also made a small profit, and both Moore Capital Management and Soros Fund Management weren't much impacted by the move, WSJ reported.
Read the full story at the Wall Street Journal >>