Odey cuts stake in Man Group after share price slump

LONDON, June 24 Mon Jun 24, 2013 10:03am EDT

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LONDON, June 24 (Reuters) - Odey Asset Management has reduced its stake in Man Group after a slump in the hedge fund company's share price over the past month.

London-based Odey, founded by veteran fund manager Crispin Odey and known for its lucrative 2009 bet on a recovery in Barclays shares, reduced its holding to 6.72 percent on Thursday, when the shares were trading between 77.6 and 85.8 pence.

Odey, which had increased its position to 7.37 percent last month, was not immediately available to comment on the share sale.

Odey disclosed a stake in Man Group last October and profited from a strong rebound in the shares in the first five months of this year.

However, the shares have slumped by nearly 40 percent since May 22 as Man's flagship computer-driven fund AHL suffered heavy performance losses amid a sell-off in bond and equity markets.

At 1335 GMT Man Group's shares were 3.8 percent higher at 81.8 pence.

Odey's European fund is one of the top-performing hedge funds this year, gaining 22.7 percent in the first five months after returns of more than 30 percent last year.

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