O'Shea's Comac Capital to Return Investor Money After Franc Loss

21 January 2015, 07:06
Andrius Kulvinskas
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Comac Capital, the $1.2 billion hedge fund firm run by Colm O’Shea, is returning money to clients after losses incurred last week when the Swiss National Bank abandoned the franc’s cap against the euro, according to a person with knowledge of the situation.

Comac, based in London, lost 8 percent as the franc surged as much as 41 percent versus the euro on Jan. 15. The declines bring its loss this month to 10 percent, said the person, who asked not to be identified because the information is private. Comac will continue to trade with internal money, the person said.

Anthony Payne, a spokesman for Comac at Peregrine Communications, declined to comment.

Comac joins hedge fund firms such as Everest Capital in suffering losses from the Swiss central bank’s surprise announcement last week. Everest, run by Marko Dimitrijevic, saw the entire capital in its $830 million Everest Capital Global wiped out after the franc’s move, a person familiar with the firm said.

O’Shea started Comac, a macro hedge fund that seeks to profit from broad economic trends by trading everything from bonds to commodities, in 2006. At its peak, the firm managed $6 billion in 2010. O’Shea had previously worked at Balyasny Asset Management and Soros Fund Management.

Comac’s Global Macro fund has been little changed since 2012, when it lost about 9 percent. It has returned about 7.9 percent since inception.

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