CITIC backs new fund set up by bankrupt FX Concepts

Citic Capital Holding has invested in a new asset management fund set by former executives of bankrupt FX Concepts, Reuters reported. According to one of the sources, negotiations with Citic began as far back as February last year when FX Concepts was already floundering. Ron DiRusso, one of the former executives had also managed FX Concepts’ volatility fund, one of the few funds that performed well near the end of the firm’s run. Citic was offered the opportunity to invest in new fund by DiRusso’s Hong Kong-based contact. FX Concepts filed for bankrupty in October.