A hedge fund manager who withstood a run of financial shocks hasn’t been able to avoid closing his biggest hedge fund because of last week’s decision by the Swiss National Bank to let the Swiss franc rise against the euro.

A hedge fund manager who withstood a run of financial shocks hasn’t been able to avoid closing his biggest hedge fund because of last week’s decision by the Swiss National Bank to let the Swiss franc rise against the euro, news reports said. One report stated that the fund had been "wiped out".

Marko Dimitrijevic’s Everest Capital, based in Miami, Florida – also having an office in Singapore - has closed its Global Fund, which had $830 million of assets as at the end of last year. It is the oldest out of a total of eight funds; the seven remaining funds continue to trade.

A report by Bloomberg said a spokesperson for Everest Capital declined to comment on the losses that the fund sustained in the wake of the SNB’s decision, which has stunned financial markets. At one point last Thursday, the Swiss franc skyrocketed by as much as 41 per cent against the euro. It is also reported that a number of brokerages have been badly hit by the forex market turmoil.

The SNB decided to abandon its cap on the Swiss franc/euro rate of 1.20, saying that the franc’s weakening against the dollar had made the currency less overvalued than it had been in the autumn of 2011 when the cap was put in place.

Everest Capital was founded in 1990 and employs 50 people. The firm’s website made no reference to the fund in question or its status.