Swiss franc move sees closure of hedge fund

Marko Dimitrijevic, the hedge fund manager who survived at least five emerging market debt crises, is closing his largest hedge fund after losing virtually all its money last week when the Swiss National Bank unexpectedly let the franc trade freely against the euro, according to a person familiar with the firm.

Everest Capital’s Global Fund had about $830m (€717.5m) in assets as of the end of December, according to a client report. The Miami-based firm, which specialises in emerging markets, still manages seven funds with about $2.2bn in assets. The global fund, the firm’s oldest, was betting the Swiss franc would decline, said the person, who asked not to be named.

Armel Leslie, a spokesman for Everest Capital with Peppercomm, declined to comment on the losses. Calls to Dimitrijevic weren’t returned.