The firm's Global Currency Program strategy, in which the GCP Fund is invested, currently manages assets in excess of USD 600 million on behalf of the GCP Fund as well as selected managed accounts and also for the firm's Multi-Strategy and Global Financial Markets (GFM) funds.

Philip Simotas, Head of Investment Management at FX Concepts, said: "the GCP strategy scales effectively, but only up to a point (around USD 1 billion) due to liquidity constraints - specifically in emerging markets currencies. We want to keep room for potential portfolio growth due to future returns and also for investment in the GCP strategy by our other funds."

He added: "We also want to pause to make sure that we can continue to run the strategy in a way which is consistent with our return and volatility targets."

Simotas noted that new investors could still get exposure to the GCP strategy through either the firm's Multi-Strategy or GFM funds.

John Taylor, Chairman of FX Concepts, said: "2003 has been a wonderful year for currency in general and for FX Concepts in particular, as we were able to fully realize the profit from our investment in research and development and from the addition of key new members to our team over the past several years. Assets have risen dramatically as a result of our performance and we're confident that 2004 will be another good year for currency and for FX Concepts."

Background Note: FX Concepts is a global investment management and research firm specializing in foreign exchange and interest rate risk management. The company has approximately USD 8 billion under management in absolute return and currency overlay programs for institutional clients worldwide.

FX Concepts has extensive experience in trading currencies and derivatives in developed and emerging markets. FX Concepts, established in 1981 by its Chairman, John R. Taylor, is headquartered in New York with subsidiaries in Rochester, Paris and Sydney and a representative office in Singapore.