As noted, Odey Asset Management owns a substantial part of Circle Holdings. So I had a dig about. It is a Limited Liability Partnership and when you go to their website the first thing you meet is this:
QUOTE
Information on this Site
The information on this website (“Information”) is issued by Odey Asset Management LLP, a limited liability partnership incorporated in England and Wales under number OC305952 ("Odey"), authorised and regulated by the Financial Services Authority ("FSA").
The Information is not directed at any person in any jurisdiction where it is illegal or unlawful to access and use such information. Odey disclaims all responsibility if you access or download any Information in breach of any law or regulation of the country in which you reside.
The Information is not directed at any person in the United States and this site is not intended to be used by any person in the United States unless those persons are existing investors in funds managed by Odey and they have applicable US exemptions.
Accordingly, all persons who access this site are required to inform themselves of and to comply with all applicable sales restrictions in their home country.
Sales Restrictions
United Kingdom: the funds referred to in the restricted part of this site (the "Restricted Area") are not recognised collective investment schemes for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (the "Act"). The promotion of such funds and the distribution of offering materials in relation to such funds in the United Kingdom is accordingly restricted by law.
The information contained in the "Restricted Area" is only available to and directed only at persons to whom such funds may lawfully be promoted by a person authorised under the Act (an "authorised person") by virtue of Section 238(5) of the Act and Chapter 4 (Part 12) of the FSA Conduct of Business Sourcebook. Information must not be relied or acted upon by any other persons.
The funds in the Restricted Area are not regulated under the UK's financial services regulations and investors in those funds will not benefit from the rules and regulations made under the Act for the protection of investors or from the Financial Services Compensation Scheme.
Shares in the funds in the Restricted Area are not dealt in or on a recognised or designated investment exchange for the purposes of the Act, nor is there a market maker in such shares, and it may therefore be difficult for an investor to dispose of his shares.
Access to the Restricted Area requires possession of a valid password and no other person should attempt to gain access to it.
An application for shares in any of the funds referred to on this site should only be made having read fully the relevant prospectus.
No Advice
The Information is provided for information purpose only and on the basis that you make your own investment decisions and do not rely upon it. Odey is not soliciting any action based on it and it does not constitute a personal recommendation or investment advice. Should you have any queries about the investment funds referred to on this site, you should contact your financial adviser.
Risk Factors
Past performance is not an indication of future performance. The value of investments and the income from them may go down as well as up and investors may not get back the amount invested. Because of this, you are not certain to make a profit on your investments and you may lose money.
The funds in the Restricted Area may be subject to higher risk and volatility than other funds and may not be suitable for all investors. These funds are not regulated
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The rest of it is more standard, dealing with data protection and privacy policy etc. You have to click "agree" before you can enter the site. For all I know this is usual for Limited Liability Partnerships, but I confess it strikes me as a statement that they are deeply dodgy: even if that is not so, they are clearly high risk and I do not think that is the kind of mindset I want in charge of my health service. Especially since there is evidence that financial and investment advisors perform no better than chance (see "What do they get paid for thread" )
On the home page the founder states he started the company in 1991 and now manage $7 billion with an exceptional track record across their "conventional and hedge fund portfolios". His strategy is based on "thinking like an owner" The partnership has won a lot of awards such as "hedge fund manager of the year" in 2009. They say they concentrate on "performance" and not on asset acquisition.
There is no doubt the partnership has made a great deal of money: and no doubt that is what they are for. Mr Odey made £28 million by betting that a particular company would go bankrupt, for example. He has close links with the Murdoch family and he has threatened to the leave the UK over the 50% tax rate. He has funded political campaigns in Ireland aimed at a no vote for joining the EU: though some hedge funds apparently bet the country would go bankrupt if it did not join and stood to make a lot of money of the vote was no.
I have not been able to find anything which would suggest that this company has a cosy vision such as "empowering" health care professionals: though I suppose they will be quite happy so long as any such strategy makes money.
