Odey ups Man Group stake

Michael Bow
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ODEY Asset Management yesterday sharply increased its stake in Man Group, taking a bold bet on a fightback by the struggling computer hedge fund firm.

Odey, founded by veteran fund manager Crispin Odey and which is known for its lucrative bet in 2009 on a recovery in Barclays shares, has increased its stake in Man to 5.15 per cent, worth some £70m.

According to Thomson Reuters data, Odey, previously owned 1.25 per cent of Man Group.