Hedge fund firm Odey ups bet on Man Group recovery
LONDON (Reuters) - Odey Asset Management has upped its stake in Man Group, having already profited in recent months as investors bet on a recovery at the hedge fund firm.
London-based Odey, founded by veteran fund manager Crispin Odey and which is known for its lucrative bet in 2009 on a recovery in Barclays (BARC.L) shares, raised its stake in Man to 6.07 percent on Thursday.
Former FTSE-100 firm Man (EMG.L), which reports fund flows next month, has suffered in recent years from poor returns from its flagship fund and client withdrawals, although some investors and analysts have been encouraged by the appointment of Manny Roman as CEO earlier this year.
In October Odey sharply raised its stake to 5.15 percent, since when the shares have recovered by around 30 percent.
(Reporting by Laurence Fletcher, editing by Tommy Wilkes)