# FX Concepts Chooses ERM Flavor For First-Ever Currency Swaps Fund

## FUNDS

FX Concepts Inc. claims it has launched the first-ever currency swaps fund, the Managed Swaps Fund. The initial offering period ran June 1-15, and began trading on the 15th. So far, the fund has raised $7 million of the$50 million targeted.

The offshore fund which is publicly available in Bermuda, but not to investors in the U.S., relies on currency and interest rate swaps. Capital is leveraged at seven times the amount of the fund. So, for every \$1 million in the fund, FX Concepts can enter