| LONDON, April 5
LONDON, April 5 Odey Asset Management, the
London-based hedge fund firm famous for its bets on the banking
sector during the financial crisis, has parted company with its
senior banks analyst, Ben Lambert.
Lambert, who joined the $6 billion asset manager headed by
Crispin Odey in 2007, resigned as a director this week,
according to a regulatory filing.
Odey, one of Europe's best-known hedge fund managers, hit
the headlines during the credit crisis for short-selling banks
such as Bradford & Bingley, which was later nationalised, and
He then correctly called the start of a bull market in 2009,
just months after the collapse of Lehman Brothers, and made
millions after buying into UK bank Barclays, whose
shares rocketed 150 percent from the start of the year to
However, the firm's $1.3 billion European fund, which has
been an investor in Barclays, Bank of Ireland and Wells
Fargo according to Thomson Reuters data, lost 20.6
percent last year, hurt by its bullish positioning. During
August alone the firm's MAC fund dropped 13 percent.
A spokeswoman for Odey confirmed that Lambert had left the
firm, but no-one at Odey was available to give further details.
Lambert previously worked at UBS as an analyst covering UK
and Irish banks, before being hired by ABN Amro, then working at
hedge fund start-up WMG.
Separately, a regulatory filing shows that founder Crispin
Odey sold 1.67 million pounds ($2.65 million) worth of units in
his OEI Mac fund at the start of this week.
So far this year Odey has been one of the industry's best
performers as the European Central Bank's 1 trillion euro ($1.31
trillion) cash injection, designed to head off another credit
crunch, has boosted assets across the board.
To mid-March Odey European is up 21 percent, profiting from
bets on banks and media stocks.