Award Recognition For UK-Based Currency Specialist CrescoCap
Formed under the supervision of the FCA in the United Kingdom, Cresco Capital Management (UK) Limited won the award for its multi-strategy currency program in the ‘Best UK – FX Strategy’ category.
The CrescoCap Multi-Strat FX Program sources and allocates to several external traders that provide stable returns trading unique strategies within a larger portfolio. This style of investing attempts to profit regardless of the market direction, by evaluating individual trading strategies on how they perform over the medium to long term. Based on their trading styles and strategy it is the trader skill that generates returns at a low correlation to benchmark indices. Using a multi strategy approach to investing and diversifying risk across a spectrum of trading styles and crosses, the risk management controls successfully navigated extreme conditions when the Swiss National Bank unexpectedly decided to delink its currency from the Euro.
“A floor or a peg at any rate by a Central Bank cannot last forever; one only has to remember Black Wednesday in 1992 when the Bank of England was forced to cease defending the pound with its gold reserves. That being said, I think the SNB has a lot to answer for, as there are a number of people that have found themselves out of a job this morning. Central Banks are there to provide stability in the markets, not chaos. The fallout from this will change the industry forever. CrescoCap has been untouched by the fallout, testament to our careful selection of not just counterparties, but clients as well. It’s worth noting that along with the firms that have become insolvent as a direct result of this, there will be those that have profited immensely.” was the reply from Derek Mayne the Managing Director of CrescoCap when asked by Forex Magnates to give an opinion of the impact on the market from allowing the Swiss Franc to float freely.