Odey: Active managers are being driven out by 'mindless' passive investing

Hedge fund looks set to record worst year since inception

Hedge fund manager Crispin Odey has said specialised active managers are being driven out of the market by "mindless" passive investing.

The active fund management industry is coming under increasing pressure after the Financial Conduct Authority (FCA) released a scathing report on active funds within its Asset Management Market Study.  Odey (pictured) said in a newsletter to his investors: "This has been a difficult year for active managers. Passive investing has taken money which typically would have been in the bond market and deposited it in the equity market," according to Bloomberg. The manager, who supported the UK's decision to leave the European Union and has been a critic of central banks' monetary policy, pr...