Reuters – One of this year’s worst performing hedge funds has axed its manager after big losses and a breach of internal rules, as the industry struggles to reproduce last year’s bumper returns in volatile markets.
Switzerland-based investment firm SwissDirekt said it took chief trader Willem Van der Vorm off its High Risk fund at the end of April after the portfolio, which made money last year but plummeted 82 percent in 2008, lost around 9 percent in the first four months of this year.
