Here's something you don't necessarily see everyday: a hedge fund taking a stake in another hedge fund. Crispin Odey's UK-based hedge fund firm Odey Asset Management has purchased 5.1% of the voting rights of peer Man Group (LON: EMG) in a disclosure on October 25th.
The breakdown of their position is 3.03% ordinary shares and 2.12% contract for difference (we've previously explained contract for difference here). This move makes Odey the second largest institutional shareholder of Man Group. It will be interesting to follow the situation to see if anything develops further.
Another recent example of hedge funds buying stakes in one another is David Einhorn's Greenlight Capital purchasing shares of Howard Marks' Oaktree Capital earlier this year.
Wednesday, October 31, 2012
Odey Takes Stake in Fellow Hedge Fund Man Group
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