Pharo Management is a

hedge fund A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as sho ...

founded in 2000 by Guillaume Fonkenell."Pharo Management"
/ref> Pharo trades foreign exchange, sovereign credit and interest rate markets in over 70 countries across Asia, Central and Eastern Europe, the Middle East and Africa, Latin America, as well as developed markets"Pharo Macro Fund: Euro Contagion will Spread to Emerging Markets"
23 May 2012. Retrieved on 29 July 2013."Tanking currencies are bad news all round"
23 May 2018. Retrieved 29 Sept 2018. and manages roughly US$11 billion across five funds as of 2022 from their offices in

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

New York New York most commonly refers to: * New York City, the most populous city in the United States, located in the state of New York * New York (state), a state in the northeastern United States New York may also refer to: Film and television * '' ...

and

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...

.McIntosh, Bill
"Pharo Management - Tapping alpha in emerging markets"
27 Nov 2009. Retrieved on 29 July 2013. Its assets were affected by the

COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identif ...

. Its primary funds, whose assets included debt of Russia and Ukraine, were negatively impacted at the beginning of the

2022 Russian invasion of Ukraine On 24 February 2022, in a major escalation of the Russo-Ukrainian War, which began in 2014. The invasion has resulted in tens of thousands of deaths on both sides. It has caused Europe's largest refugee crisis since World War II. An ...

, before the firm selling its position. The name "Pharo" comes from the word "Φάρος" in

Greek Greek may refer to: Greece Anything of, from, or related to Greece, a country in Southern Europe: *Greeks, an ethnic group. *Greek language, a branch of the Indo-European language family. **Proto-Greek language, the assumed last common ancestor ...

which was later adopted by latin languages like French (e.g. Phare in French which denotes a tall building with a beam of light at the top)."First evidence of Faros found in Egypt."
/ref> In early 2019, Guillaume Fonkenell told investors he returned US$300 million that his hedge fund had been managing to Saudi Arabia's central bank, known as the

Saudi Arabian Monetary Authority The Saudi Central Bank ( ar, البنك المركزي السعودي), previously known as the Saudi Arabian Monetary Authority (SAMA; ar, link=no, مؤسسة النقد العربي السعودي), established in 1952, is the central bank of ...

(SAMA). Fonkenell said he was upholding his firms principles in response to the murder of Saudi journalist Jamal Khashoggi, who is thought to have been killed by officials of the Saudi Arabian government. Pharo is the first hedge fund which refused to manage money coming from Saudi Arabia.

References

{{Hedge funds Hedge funds