Major European hedge fund takes a hit on SNB fallout

BlueCrest has closed the book of one of its top currency traders after he was hard hit by the SNB.

Peter Von Maydel was  global head of foreign exchange strategy at Credit Suisse before he joined BlueCrest in 2013 but bet wrong on the Swiss franc. There’s no word yet on the size of the losses for the firm has around £30 billion under management, so it’s unlikely to hit the bottom line too hard.