Update: Hedge fund collapses following Swiss franc losses

Hedge fund Everest Capital has closed its largest fund after sustaining heavy losses on the Swiss franc's dramatic move last week.

Everest's $830m Global fund is to close after being caught out by the Swiss National Bank's decision to scrap its cap on the franc's value last Thursday, according to Bloomberg. It follows UK foreign exchange brokerage Alpari declaring itself insolvent after the majority of clients sustained losses on the Swiss franc’s huge appreciation last week. The broker said last week the Swiss National Bank's decision to remove the cap on the franc resulted in "exceptional volatility and extreme lack of liquidity", resulting in the "majority of clients" incurring losses worth more than their acc...