Turkish Lira Trades Led to $139M in Losses for Hedge Fund
March 27, 2019 at 11:57 AM EDT
GF Securities Co.’s GTEC Pandion Multi-Strategy Fund SP got burned by foreign exchange trades in the Turkish lira during the summer of 2018, leading to losses that amounted to $139 million and caused prime broker Citigroup to execute margin calls. Bloomberg reported in December that Citigroup...