When the Swiss National Bank unexpectedly removed Swiss franc’s peg to the euro last week, the change made a hit investors hard. Really hard.
To recap, Citigroup and Deutsche Bank both lost about $US150 million each when the franc soared in value. Interactive Brokers lost $US120 million and foreign exchange broker FXCM said clients lost $US225 million.
But of course, someone had to be on the other side of those positions and, those are the investors that came out on top.
According to the Wall Street Journal, here are a few hedge funds, specifically, that actually made money betting on the Swiss franc:
Brevan Howard Asset Management,where Alan Howard runs $US23.7 billion, was up 0.8% last week and 1.9% this year.
Lynx Asset Management in Stockholm with $US5.5 billion in assets gained 2% last week and 4% for the year.
Quaesta Capital AG, a Swiss investment firm with $US3 billion AUM, is up 14% this year.
Rubicon Global, a London-based macro hedge fund which manages over $US1 billion, regained on it’s 2.3% decline.
Omni Partners LLP in London also made a small profit, and both Moore Capital Management and Soros Fund Management weren’t much impacted by the move, WSJ reported.