In just two years, hedge fund manager Crispin Odey saw more than half of his firm’s assets — roughly $6bn — disappear. He is not chastened. The 58-year-old is doubling down on his bets against the eight-year-old bull market in equities, a move investors will either see as proof of his supreme confidence in his convictions — or the mark of a man who cannot admit when he is wrong.

The situation is dire enough that portfolio managers have been forced in recent months to reassure investors about the future stability of the firm. James Hanbury, manager of the $772m Odey Absolute Return fund, now the largest in the Odey Asset Management portfolio, is one such member of the Odey team that has met with clients in an attempt to restore confidence, according to a senior asset allocator.
Investors including Standard Life Aberdeen are considering investing in Hanbury’s fund, the allocator said, but have sought reassurance from Hanbury on the wider health of the firm.