Odey Asset Management

GOSLING'S GROUSE

Since its creation in 2008, the absolute return sector has been a bone of contention for intermediaries.

Hargreaves Services, a core holding of James Hanbury's Odey UK Absolute Return fund, fell 30% earlier this week following a profits warning.

Hedge fund veteran Crispin Odey has given his take on the "depressing story" playing out in the eurozone, suggesting beleaguered Europe and the resilient US could move in very different directions.

A group of hedge funds, including those run by Odey Asset Management, had a combined $1bn invested in JP Morgan Chase which suffered a near 10% drop in its share price on Friday.