London-based Odey Asset Management is losing its faith in fellow hedge fund firm Man Group.
Reuters reported that Odey has cut its holding in Man, also based in London, to 6.72% last week after the latter’s share price drop nearly 40% over the last month.
Odey, which profited in recent months from its stake in Man, raised its ownership in the hedge fund to 7.37%% last month, according to an earlier eVestment article.
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.
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.