May 11, 2017 / 1:57 PM / 2 years ago

Hedge fund manager Odey sticks with bearish bet despite 'awful' 2016

LONDON (Reuters) - British hedge fund manager Crispin Odey said on Thursday he continued to bet on a global downturn despite an “awful” 2016 in which his main fund shed nearly half its assets.

Odey - whose fund Odey Asset Management racked up losses of almost 50 percent last year - said the weak performance was in part down to Chinese efforts to shore up their economy, he told the Guernsey Funds Forum in London.

“I don’t think I expected or understood how aggressive they were going to be, and in a way how successful,” he said.

However, Odey said a year later, China is finding it very difficult to maintain its growth rate.

Odey said he remained negative on the global economy, citing rising inventories globally across various industries and a three-fold increase in sub-prime lending since 2008.

“For me, everything is now starting to point to a weakening global economy,” he said.

Reporting by Maiya Keidan; editing by Simon Jessop

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