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UK hedge funds that back Brexit stand to make millions

Monday, October 26, 2015

Komfie Manalo, Opalesque Asia:

Hedge funds who are backing Brexit may make millions should the UK leave the European Union, reported UK daily The Independent.

A Brexit would remove financial restrictions introduced by the European Central Bank after the 2007 global financial crisis. The Independent estimates that hedge fund managers would save around $383m (£250m) a year, once the policy restrictions are removed. The report stated that bonus rules, that are intended to eradicate reckless trading, should also be removed if the UK leaves the EU.

At least two of the five richest hedge fund managers in the UK have already given their support to the Out campaign.

Crispin Odey, founding partner of Odey Asset Management, is one of the hedge fund managers who is supporting the Out campaign. Odey has openly supported the Vote Leave, a "formidable lobby group" campaigning to "end the supremacy of EU law".

Sir Michael Hintze, founder of CQS and the fourth-richest hedge fund boss in Britain, with a £1.2bn fortune, has also been linked to the campaign, due to his role as a cheerleader for Business for Britain, an affiliate to Vote Leave, says the paper.

The hedge fund trade body AIMA said it was not possible to estimate how much hedge funds would save through a Brexit.

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