LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Managing Member and Chief Investment Officer at Everest Capital LLC, Marko Dimitrijevic is closing his largest hedge fund, the Everest Capital Global Fund. The fund lost almost all its money after the Swiss National Bank (SNB) scrapped its three-year-old cap on the franc against the euro, Bloomberg broke the news on Saturday.
Citing a person familiar with the firm, Bloomberg said the ‘Global Fund’ had been betting that the Swiss franc would decline against the euro. The fund was not alone as many others thought the trade would be an easy bet believing in the SNB to uphold the exchange rate. However, if it sounds to good to be true it usually is… The trade ended up being a stinker as the SNB fooled everyone by letting the Franc float freely in an instant, while repeatedly making prior statements re-affirming it’s commitment to the 1.20 EUR/CHF cap.
Everest Capital, a registered investment adviser with the U.S Securities & Exchange Commission based in Miami and Singapore specializes in emerging markets. The hedge fund operator still manages seven other funds with about $2.2 billion in assets, Bloomberg said. The SNB shook up markets on Thursday when it removed a three-year-old peg on the value of the Swiss franc against the euro, allowing the Swiss currency to soar in value.
Marko Dimitrijevic’s Background (Courtesy of Bloomberg)
Mr. Marko Dimitrijevic is the Managing Member and Chief Investment Officer at Everest Capital LLC. Mr. Dimitrijevic founded the firm in 2000. Previously, he worked as an Analyst on Wall Street and managed large securities portfolios for a Fortune 500 company. Prior to this, Mr. Dimitrijevic worked for a private Swiss bank. He has extensive experience in international investment management and research analysis. Mr. Dimitrijevic is a Member of the Advisory Council at