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John Taylor nurtured FX Concepts, the currency hedge fund he founded in 1981, into a strapping $14.2 billion powerhouse in 2007. Over the past six years, he’s done whatever the opposite of nurturing is, watching New York-based FX shrivel into a money-losing boutique which institutional investors line up to flee from.
But he’s not giving up, even if his last big investor is about to pull $450 million of his last $650 million—even if it means sleeping on the couch in his office until he’s forced to sell that, too.
In 2010,Taylor bought a nine-room, three-bedroom apartment on Manhattan’s Upper East Side for $22 million—$4.5 million above its asking price—using a loan from FX Concepts.
Taylor has the property on the market for $25 million. It’s “truly a one-of-a-kind opportunity to own a magnificent residence in one of Manhattan’s finest prewar co-ops,” a Sotheby’s listing says.
Savage confirmed the aim of the sale is to benefit the firm. “The story of John agreeing to sell his home to help recapitalize the firm is accurate and, yes, FXC like many other funds [has] some debt agreements in place.”
The future of this once-$14B hedge fund is in doubt [CNBC via NetNet]
FX Concepts considers closing flagship fund to stay afloat [Reuters]
Struggling FX Concepts Restructuring In Bid To Survive [FINalternatives]