Once-$14bn hedge fund confirms wind down

Closed Sign

FX Concepts, John Taylor's once-$14 billion, currency-focused hedge fund firm, is shutting down its asset management business.

Vice chairman Jonathan Clark confirmed CNBC.com's report Monday that the firm is liquidating its hedge funds following years of poor performance and falling assets.

"The Board of FX Concepts has announced that the company will wind down its investment management business over the next few weeks," Clark said in a statement to CNBC.com.

"Assets at the firm have dropped to levels that can no longer sustain the business. The Board has concluded that it is in the best interest of the firm's investors to conduct an orderly wind down of open positions, close its funds, and hand back any remaining mandates to clients."

New York-based FX Concepts will stay in existence through one of its small business lines.

"The firm remains in the newsletter and FX overlay advisory business, and continues to investigate its options for the future," Clark added in the statement.

FX Concepts had laid off most employees in recent weeks after its final large client, the San Francisco Employees' Retirement System, decided to redeem more than $450 million of the firm's remaining $661 million in assets.

(Read more: The future of this once-$14B hedge fund is in doubt )

-By CNBC's Lawrence Delevingne. Follow him on Twitter @ldelevingne .

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