Lloyds Bet Starts to Pay Off for Lansdowne Partners

Lloyds Bet Starts to Pay Off Hedge Fund Lansdowne Partners

Lansdowne Partners, a European hedge fund which made millions betting against UK banks in the financial crisis, is starting to see the benefits of sticking with a big position in Lloyds Banking Group PLC (NYSE:LYG). Its flagship $7.5 billion (4.6 billion pounds) Developed Markets fund is up 14.21 percent this year, according to a letter sent to clients and obtained by Reuters, aided by a recovery in Lloyds shares. Last year Lansdowne’s holding in the lender cost it dearly, with the Developed Markets fund losing a fifth of its value, dragged down by a 60 percent slump in Lloyds’ share price.

 

(Visited 18 times, 1 visits today)