Plus500 Ltd (LON:PLUS) continues to attract investment from astute wealth management firms as Odey Asset Management increases its stake in the company to 12.69%, with CF Odey Absolute Return Fund holding 9.71%, whereas all other funds hold less than 3% collectively.
Odey Asset Management is one of Britain’s highly regarded wealth management firms, established over 24 years ago by Crispin Odey in London.
According to a filing with the London Stock Exchange upon which Plus500 is listed as a publicly traded company on the Alternative Investment Market (AIM), Odey Asset Management now holds 14,580,198 shares in Plus500.
As far as financial pedigree is concerned, George Soros was one of the original investors, seeding Odey $150 million. By 2012, Odey Asset Management’s Odey European Inc. fund was ranked No. 5 on Bloomberg’s 2012 list of the 100 Top-Performing Large Hedge Funds
Odey Asset Management began to demonstrate its interest in Plus500 in Mid 2014, when the firm acquired a 10% interest in the retail FX firm.
Plus500’s performance has since rocketed recently, with results for the first quarter at an all time high, heralding revenues in excess of $82 million along with a testimony to the firm’s effective marketing prowess being its ability to onboard 33,000 new clients between January and March 2015 whilst actually reducing acquisition costs, a factor that is becoming increasingly important.
For the official filing with the London Stock Exchange, click here.