Here’s How Hedge Funds Are Playing the Pound
- AMP Capital’s Naeimi snapped up sterling ahead of vote
- Ensemble sees opportunity to trade options after May defeat
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While strategists argue U.K. Prime Minister Theresa May’s Brexit bill defeat sets up some bullish scenarios for the pound, few hedge funds remain willing to go all in.
AMP Capital Investors Ltd. bought sterling through its dynamic markets fund on Tuesday as Sydney-based portfolio manager Nader Naeimi wagered on a temporary relief rally in the beaten down currency. But Naeimi, whose firm oversees the equivalent of $135 billion, has since taken profit on the trade.