China’s CITIC Capital Holdings Ltd. has invested in a new US-based asset management fund set up by former executives of bankrupt hedge fund FX Concepts, Reuters reported Wednesday, citing sources familiar with the matter. The new fund will be run by Bob Savage, FX Concepts’ former chief operating officer and chief strategist, and Ron DiRusso, the firm’s co-chief investment officer and director of research, the report said. CITIC Capital manages more than US$4 billion in assets. Its primary owners are sovereign wealth fund China Investment Corp. and conglomerate CITIC Group.
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