New York (HedgeCo.Net) - European hedge fund manager, Crispin Odey, founding partner at $6.9 billion hedge fund, Odey Asset Management, has bought 10 million pounds’ worth of shares in Barclays, Reuters reported today.
Barclays is in the middle of a scandal over interest rate rigging. Odey already owns 60 million pounds’ worth of shares in the bank, “It’s the cheapest bank in the world,” Odey said to Reuters.
Two leading credit rating agencies have taken steps today toward downgrading Barclays in the wake of the trading scandal that’s seen three senior officials, including chief executive Bob Diamond, hand in their resignations.
Odey came to wide attention in 2008 when he paid himself £28 million ($43.7 million) after successfully anticipating the credit crunch. That year his return was 54.8 per cent. He had beenbearish about the position of banks for a number of years, shorting Bradford & Bingley as early as 2005, questioning the German landesbanks and warning consistently about the dangers of debt and inflated house prices. He continued his short positions into early 2009 but in April took longer positions as he predicted the market rally of that year. The Times newspaper selected Odey as a “Business Big Shot” in 2008. Odey was briefly married to Rupert Murdoch’s eldest daughter, Prudence, although the pair quickly separated.
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