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(Bloomberg) -- BlueCrest Capital Management closed a trading book run by Peter Von Maydell after losses stemming from the Swiss franc’s surge last week, according to a person with knowledge of the decision.
Von Maydell, a currency trader, remains at the hedge fund firm, said the person, who asked not to be identified because the matter is private. The Financial Times reported the trading book’s closing earlier.
The franc soared as much as 41 percent against the euro on Thursday after the Swiss National Bank removed a three-year-old cap linking the currencies, prompting hundreds of millions of dollars in losses at European banks and pushing some currency- trading firms into insolvency.
Von Maydell didn’t immediately respond to phone calls and e-mails seeking comment. He joined the $15 billion, Jersey-based firm two years ago from Credit Suisse, where he was global head of foreign-exchange strategy.
Other hedge funds tripped up by the SNB include Comac Capital, a $1.2 billion macro manager based in London, which lost 8 percent after the surprise move, according to people familiar with the matter. Everest Capital, managed by Marko Dimitrijevic, is closing its largest hedge fund because of losses linked to the franc, another person has said.
BlueCrest, run by billionaire Michael Platt, posted a 0.15 percent gain last year in its flagship macro fund, according to a person familiar with the returns, who asked not to be named because the numbers are private.
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