GF Securities Co. said one of its hedge funds wiped out an amount equivalent to more than 10 percent of its profit for all of 2017 after suffering “significant losses due to fluctuations in the foreign exchange market.” The GTEC Pandion Multi-Strategy Fund SP lost $139 million in 2018 and its net value was negative $44 million at the end of December, according to a Hong Kong exchange filing Wednesday. The loss reduced GF Securities’ net income by 919 million yuan ($137 million) -- equal to more than 10 percent of the brokerage’s profit the year prior, the statement said. -  Bloomberg 

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