{"id":46028,"date":"2015-01-21T08:30:51","date_gmt":"2015-01-21T13:30:51","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=46028"},"modified":"2015-01-21T08:13:22","modified_gmt":"2015-01-21T13:13:22","slug":"damage-from-swiss-national-banks-move-still-being-assessed","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/01\/2015\/damage-from-swiss-national-banks-move-still-being-assessed.html","title":{"rendered":"Damage From Swiss National Bank\u2019s Move Still Being Assessed"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-46032\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2015\/01\/21-1-2015-hedgeconet_1.jpg\" alt=\"21-1-2015-hedgeconet_1\" width=\"299\" height=\"199\" \/>New York (<a href=\"http:\/\/hedgeco.net\/\" target=\"_blank\">HedgeCo.Net<\/a>) When the Swiss National Bank unexpectedly removed a three-year cap on the Swiss Franc\u2019s exchange rate with the Euro last week, the ramifications hit the hedge fund world hard and the damage estimates are still coming in.<\/p>\n<p>When the announcement was made, the Franc surged as much as 41% and those funds that were caught off guard have paid a steep price. The John Hancock Absolute Currency Return Fund tumbled 8.1% <span class=\"aBn\" tabindex=\"0\" data-term=\"goog_1463068358\"><span class=\"aQJ\">on Thursday<\/span><\/span>, but that isn\u2019t as bad as what happened to the Everest Capital Global Fund.<\/p>\n<p>The oldest and biggest of Everest Capital\u2019s family of funds has reportedly been wiped out by the events in the currency market. The fund had $830 million in assets under management, but now the company will shut the fund down.<\/p>\n<p>Not all investors were caught off guard as there were some $5.8 billion worth of puts on the Euro go down against the Franc. Those puts were still outstanding as of <span class=\"aBn\" tabindex=\"0\" data-term=\"goog_1463068359\"><span class=\"aQJ\">Friday<\/span><\/span> and the traders standing to benefit from the sudden windfall gains have not been identified as of yet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) When the Swiss National Bank unexpectedly removed a three-year cap on the Swiss Franc\u2019s exchange rate with the Euro last week, the ramifications hit the hedge fund world hard and the damage estimates are still coming in. [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16005,16044,3],"tags":[16057,16059,16060,16058,1868],"class_list":["post-46028","post","type-post","status-publish","format-standard","hentry","category-developing-stories","category-hedge-fund-strategies-2","category-hedgeco-news","tag-euro","tag-everest-capital","tag-john-hancock","tag-swiss-national-bank","tag-swiss-franc"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/46028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=46028"}],"version-history":[{"count":3,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/46028\/revisions"}],"predecessor-version":[{"id":46033,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/46028\/revisions\/46033"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=46028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=46028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=46028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}