When it comes to Brexit, hedge fund managers don’t agree on much, other than that it’s almost certainly not going to happen. But if it did happen? If, for argument’s sake, the British people decided to give two fingers to 1,280 business leaders, President Obama, their own prime minister, George Soros and common sense to send Brussels a very costly message at their own expense? Well, that could be a lot of fun indeed.
Hedge-fund managers are sensing opportunity. After enduring the worst first-quarter returns since the start of the financial crisis, the prospect of Britain voting to leave the European Union is creating the market turmoil that can make them money….
“The impact will be well beyond what everybody is talking about,” said Ellis, whose firm oversees $78.6 billion as the world’s largest publicly traded hedge-fund manager. “If we do get a vote for Brexit, it’s the second and third-order effects which are much more interesting from an investment point of view.”
Hedge Funds Sense Profit in Europe Shocks After Brexit [Bloomberg]
U.K. Hedge Funds Are Loudly Divided on ‘Brexit’ [WSJ]
EU referendum letter: 1,280 business leaders sign letter backing Remain [Independent]