And finally…Edinburgh graduate scoops £110m on Soros-style Brexit short
A rising star hedge fund manager and Edinburgh University graduate, who commissioned a private poll putting ‘Remain’ narrowly ahead before last Thursday’s vote, has cashed-in to the tune of £110 million after betting against stirling on the basis of the result, it has emerged.
According to the Daily Mail newspaper, the punt was the work of James Hanbury, 36, who manages £1.1billion for Odey Asset Management.
The move was contrary to the rest of the market which assumed ‘Remain’ would win the historic referendum, and has echoes of a similar trade made by legendary currency speculator George Soros ahead of Black Wednesday in 1992 when he short-sold more than £7.6bn in stirling.
Soros, who made £1 billion with his bet against the pound had said prior to Thursday’s vote, that “the pound would fall by at least 15 per cent and possibly more than 20 per cent” in the event of Brexit.
According to the reports, the logic behind Mr Hanbury’s decision was that there was a lot to gain and little to lose, given the pound might drop massively if Britain quit but was unlikely to rise much higher if it voted to stay.
And the father-of-three is the son of Prince Charles’s hunting friend and lives in a £3.4million house in West Kensington, London with his wife Carina, 36.
Mr Hanbury’s boss Crispin Odey will be very pleased with his star employee as the fund had been heavily down this year after racking up a string of bad bets, according to Bloomberg.
The billionaire’s flagship fund jumped more than 21 per cent after the Brexit vote.
A spokesman for Mr Soros said on Monday that the investor “did not speculate against sterling while he was arguing for Britain to remain in the European Union.
“In fact, he was long the British Pound leading up to the vote.”
However, the spokesman said Soros did profit from other bearish bets because of the Brexit result.