(Bloomberg) “Banks are watching all their profitable activities — foreign exchange, consumer finance, small company lending — being taken away by fintech companies and peer to peer lenders,” hedge fund manager Crispin Odey recently told his investors. “They are starting to look like the department stores — victims of the internet.” The second-quarter returns posed by the world’s biggest sovereign wealth fund appear to confirm his thesis. Norway’s $1 trillion wealth fund posted returns of 1.8 percent in the second quarter. Its holdings in financial shares were the weakest element, with the fund saying that “banks in particular” hurt its performance.
A Hedge Fund’s Lesson for the World’s Biggest Sovereign Wealth Fund
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