Comac Capital to return cash

Ollie Gordon
COMAC Capital, a $1.2bn (£795m) hedge fund run by renowned investor Colm O’Shea, is returning all its external capital to investors after suffering severe losses from the Swiss Central Bank’s decision last week to scrap the franc’s cap against the euro, it emerged yesterday.

The London-based Comac will continue to operate, but only using internal capital. The fund lost eight per cent as the franc inflated 41 per cent against the euro on 15 January. The hit took Comac to a 10 per cent loss for the month.

Comac is a macro fund that seeks to benefit from broad economic trends by investing in a gamut of markets ranging from bonds to commodities. It was established by O’Shea in 2006, and managed $6bn at its peak in 2010.

Comac declined to comment.