Swiss Hedge Fund Manager
Swiss Hedge Fund Firm Fires Manager After Big Losses
SwissDirekt, a Swiss hedge fund firm, has decided to fire its chief trader and fund manager after a very dismal performance. Willen Van der Vorm has struggled with his High Risk Fund over the last couple years losing an incredible 82% in 2008 and losing 9% in the first four months of 2010.
SwissDirekt has parted ways with Willen Van der Vorm, its chief trader and manager of its High Risk Fund. The vehicle has certainly lived up to its name in recent years, losing an eye-popping 82% in 2008 and shedding 9% this year through April, when Van der Vorm was relieved.
The firm told Reuters that it wasn’t only the losses posted by Van der Vorm, but how they were made.
Van der Vorm “had a trading approach that was against the company’s ideas of how the fund has to be traded,” CEO Thomas Kuhn said. “We had strict guidelines and he overruled them three times. It was lack of discipline.”
Van der Vorm has been replaced at the €400,000 fund—which once managed €1.8 million—by algorithmic trader Francis Everington and former LIFFE trader Jerry Slager. Source
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