New York (HedgeCo.Net) – When the Swiss Franc’s fixed exchange rate with the Euro was removed in January, the toll on some hedge funds was quick and it struck deep.

Miami based Everest Capital closed the doors on its $830 million Global Fund within a day or two of the move by the Swiss. Unfortunately the carnage didn’t stop there for Everest. Just last week Everest announced that it is shutting down six of its seven funds and returning capital to investors. Even though the other funds didn’t have exposure to the Swiss Franc the way the Global Fund did, the redemptions have been high and Everest intends to shut them down at the end of the month. The only fund not being closed is the $570 million emerging market fund.

Everest Capital was established by Marko Dimitrijevic in 1990 and has approximately $3 billion in assets under management. Even with the long history of success, the toll from the unexpected move by the Swiss was too much for the firm to overcome and justify keeping all seven funds open.