Crispin Odey earns almost $50 million from UK banking industry
|December 27th, 2009||
|Hedge fund manager Crispin Odey has reported that he will pay himself approximately $47.8 million after Odey Asset Management reaped huge profits by betting on the UK banking industry’s near collapse last year. The figure accounts for almost half of the firm’s $108 million profit pool, reports Times Online, and the rest will be split among other leading managers at Odey Asset Management. The firm, which employs a broad range of strategies across a number of retail, hedge and institutional funds, earned extraordinary profits by short-selling bank shares at the highest price and buying them back after their value had dropped.|
Odey Asset Management was founded in 1991 by partner and portfolio manager Crispin Odey. Mr. Odey is currently head of Investment Management at the firm and directly manages the firm’s Odey European Inc., Odey Pan European and global long-only strategies.
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