Odey Bets On Man

Oct 26 2012 | 1:57pm ET

Odey Asset Management is betting that the Man Group may be down, but it's not out.

Crispin Odey's eponymous hedge fund, which once made a similar—and successful—bet on the recover of Barclays shares, announced Thursday it had upped its stake in Man from 1.25% to 5.15%, an investment worth about $113 million, reports Reuters.

Odey holds its stake through a mixture of shares and contracts.

The Man Group has had a couple of bad years, losing clients as its flagship AHL blackbox fund struggled, losing 6.4% in 2011 and 3.9% so far this year. Since the beginning of 2012, Man shares have lost almost 75%.

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