The former leaders of bankrupt hedge fund firm FX Concepts aren't wasting any time starting over.
On Friday, $4.3 billion Chinese investment manager CITIC Capital announced that Robert Savage and Ron DiRusso would lead a new hedge fund platform focused on foreign exchange, CCTrack Solutions.
Savage had been chief operating officer and DiRusso director of research at John Taylor's FX Concepts. The firm announced it was winding down its investment management business—which ran $14.2 billion in 2008— in October.
Felled by poor performance and client redemptions, the currency-focused firm declared bankruptcy the same month with just $1.62 million in assets and $79 million in liabilities to Credit Suisse's Asset Management Finance and others. Ruby Commodities agreed to buy FX Concept's investing models and other assets for $7.48 million in November.
(Read more: John Taylor's FX Concepts confirms wind down)
Ironically, Savage's causes for optimism appears to be in part because of his old firm's demise.
"We see it as an excellent time to launch this multi-strategy solution as the field of competition has narrowed considerably, providing significant opportunities to serve clients," new firm chief executive officer Savage said of the currency investing opportunity in a statement. "Our edge comes from the unique quantitative strategy,an active risk management approach and the team's experience in markets."
DiRusso, CCTrack's chief investment officer, said the new fund is "strongly positioned to be marketed to Chinese and regional clients, on top of the pension funds and endowments in North America and Europe, whom we have established longstanding relationship with."
CCTrack will use quantitative methods to help manage currency risk for clients, just like FX Concepts. The fund will also try and generate "alpha"—above market returns—for investors by trading foreign exchange, commodities, bonds, stocks and futures. The fund will launch in the first quarter of 2014.
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The move by Savage and DiRusso comes after Taylor's recent vow to come back.
"The market is my home, not administration; I am back," Taylor said in a letter to clients on Jan. 9 that was obtained by Reuters. "The newsletter business will be the primary business asset and livelihood of John R. Taylor as it was years ago."
"It is difficult to operate without phones, e-mail addresses, or even business cards,but I have rented an office and we have Bloomberg, CQG (market data provider),and friends in the banking world giving us information galore," Taylor added in the note.
Taylor didn't immediately respond to a request for comment.
—By CNBC's Lawrence Delevingne. Follow him on Twitter @ldelevingne.
