The future of this once-$14B hedge fund is in doubt

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Former hedge fund giant on verge of collapse

FX Concepts, John Taylor's currency-focused hedge fund firm, which once managed more than $14 billion, may soon shut.

One of the 32-year-old firm's last remaining large institutional investors, the San Francisco Employees' Retirement System, voted to redeem its money Sept. 11, according to Jay Huish, the pension plan's executive director.

"The Board approved reducing its currency overlay program target to zero percent," Huish said in an email to CNBC.com. "There is no intention at this time to redeploy the currency overlay mandate to any new currency managers."

San Francisco had more than $450 million with New York-based FX Concepts—most of the $661 million the firm reported managing overall in its latest Securities and Exchange Commission filing.

That redemption may have been fatal.