Neuberger Berman bet worth £348,000 adds to positions against Lloyds and RBS

The American hedge fund of the investor depicted in the Oscar-winning Hollywood film The Big Short has made a bet that the share price of the British bank Barclays will fall.

Neuberger Berman’s absolute return multi-manager fund, which reports investments made by Steve Eisman, disclosed a short position against Barclays worth $455,000 (£348,000) on 31 January in US regulatory filings.

A character based on Eisman was played by Steve Carell in The Big Short, which told the story of the few investors who predicted the collapse of thesub-prime mortgage market in the US, the trigger for the global financial crisis. The 2015 film, based on a book by Michael Lewis, won an Academy award for best adapted screenplay.

Eisman moved to New York-headquartered Neuberger Berman, which spun out of Lehman Brothers, in 2014 after reportedly helping FrontPoint, a subsidiary of Morgan Stanley, to double its assets to $1.5bn during the crash.

Neuberger Berman’s bet against Barclays adds to positions against Lloyds Banking Group and Royal Bank of Scotland, worth $446,000 and $529,000 respectively, which the hedge fund previously disclosed. Short-selling involves borrowing shares in a company and selling them with the expectation of buying them back at a lower price – and pocketing the profit.

Original Source

 

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