A rising star hedge fund manager won £110million by betting against the pound ahead of Britain’s vote on the European Union.
James Hanbury, who manages £1.1billion for Odey Asset Management, went against complacency in the rest of the market which assumed Remain would win the historic referendum.
He guessed that Britain might shock the world by voting to Leave – and that the value of sterling would plunge as a result. Mr Hanbury, 36, commissioned a private poll which put Remain narrowly ahead.
But he decided to take a risk on the basis there was a lot to gain and little to lose, given the pound might drop massively if Britain quit but was unlikely to rise much higher if it voted to stay.
And the father-of-three, who lives in a £3.4million house in London’s super-rich West Kensington neighbourhood, won big.