Odey AM sees boost from hung parliament result

Helped by fall in sterling

Crispin Odey's hedge fund has benefited from the fall in sterling after the election, having positioned for a negative outlook on the UK economy.

Odey, who declined to say how much he gained, has been shorting sterling for months due to his concerns over the UK economy. After the General Election last week resulted in an unexpected hung parliament, sterling fell by more than 2% against the US dollar, boosting his hedge fund. However, Odey had not foreseen the result, expecting a Tory majority and victory for Prime Minister Theresa May. "I was expecting to lose money because I had rather hoped she might win. It all gets very complicated without a majority," he said. May's Brexit mandate 'in jeopardy' as she confirms DUP co...