London-based hedge fund firm Odey Asset Management has faith that fellow hedge fund firm Man Group will recover from its recent years of poor performance.
Odey, who has already profited in recent months from its stake in London-based Man, has raised its ownership in the hedge fund to 6.07% on Thursday, according to a Reuters article.
eVestment reported that Odey “sharply increased” its stake in Man to 5.15% in October.
Man, the world’s largest publicly traded hedge fund, experienced a nearly 60% increase in liquidations in the third quarter of 2012. That equates to approximately $2.2 billion in net outflows, compared to $1.4 billion in the second quarter ending on June 30, 2012. The firm will report its fund flows next month.
Odey, founded by Crispin Odey, is one of Europe’s richest and best-known hedge fund firms and it manages about $6.9 billion in assets.