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.

John Taylor, chairman and CEO of FX Concepts Adam Jeffery | CNBC

According to two people familiar with the situation, FX Concepts is liquidating its hedge funds and recently laid off most of its employees. Those accounts could not be directly confirmed. Robert Savage, FX's chief strategist and head of related research service Track.com, told CNBC.com the firm was still running. "We are in the process of restructuring—we have let go some staff and are in the process of closing some funds, we remain an ongoing firm with years of experience in handling client money and solving FX problems for them," Savage said via email.