Crispin Odey, the hedge fund manager famed for his strong - and usually profitable - calls on financial stocks, is backing them to do well again, as part of a generally bullish stance on equities and the emerging economies.

Odey is currently overweight the sector, holding banks such as HSBC and Barclays, and the insurance groups RSA and Allianz, believing in their "long term earnings potential, combined with low pricing".