Why Money Managers Unwound Bets Against Novo Banco
Toby Dodson waited six months for his bet against a fragile Portuguese bank to pay off. But before the reckoning, word came down from his hedge fund bosses at Achievement Asset Management in Chicago: get ready to clear out your desk and unwind your trades, we’re shutting down. They’d lost too much on U.S. energy companies and so became one of the 979 firms to announce their closure last year. That’s how the 29-year-old Dodson, who specializes in financial companies, and the firm lost out on a $40 million payday, according to people with knowledge of the matter. Bloomberg's Tom Beardsworth reports on "On the Move" with Guy Johnson.
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