Reclusive Billionaire’s Bond Bets Backfire
- Date: 13-Dec-2020
- Source: The Wall Street Journal
- Sector:Economy
- Country:Middle East
Reclusive Billionaire’s Bond Bets Backfire
British billionaire Mark Coombs made his fortune winning outsized bond wagers in emerging markets like Brazil and Russia. Recently, his luck has soured.
Big trades he made in Argentina, Ecuador and Lebanon all backfired simultaneously in 2020. Ensuing losses hammered shares of his investment firm, Ashmore Group , and cost the reclusive trader around $325 million in personal paper losses, according to data from S&P Capital IQ.
Once an approximately $100 billion powerhouse, Ashmore's assets under management had fallen to $85.5 billion by September through a combination of withdrawals and investment losses. Clients including the Connecticut state retirement plan have pulled billions of dollars from the company, and competing money managers have placed bets against Ashmore stock. The outflows contrast with the roughly $250 billion investors poured into bond mutual funds this year through September, according to data from the Investment Company Institute.
The losing streak has drawn unwanted attention to Mr. Coombs, who strives to avoid the limelight. “He's not your typical billionaire jetting
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