Everest Said to Shut Most Funds as Clients Flee Over Losses

Marko Dimitrijevic, a hedge fund manager who survived a quarter century of gyrations in emerging markets, is returning most of the money in his Everest Capital after a disastrous bet against the Swiss franc in January caused clients to flee.

The Miami-based firm told investors last month that it’s closing six of its seven funds, according to two people with knowledge of the matter who asked not to be named as the firm is private. Another fund, the $830 million Global Fund, was wiped out in less than a day in January after the Swiss National Bank unexpectedly let the franc trade freely against the euro, causing it to surge as much as 41 percent versus the euro.