A HEDGE fund belonging to one of the owners of GB News has reportedly made a multi-million pound gain by betting against NatWest on the markets.
Sir Paul Marshall’s Marshall Wace fund has the biggest short position on the bank’s shares meaning it stands to gain from a dip in the company’s price, reports the Daily Telegraph.
Alison Rose was forced to resign as NatWest’s chief executive when it was revealed Coutts – a subsidiary of the bank – had dropped former Ukip leader Nigel Farage as a customer.
Internal reports obtained and made public by Farage, who is a GB News presenter, showed the bank had concerns about his political views.
The Telegraph said Marshall Wace had started building a short position – where traders gain money by betting that share prices will drop, rather than the more conventional approach of profiting when prices rise – on NatWest in March, during the fallout of the collapse of Silicon Valley Bank and Credit Suisse.
Its bets against NatWest have mostly been computer driven, the paper added.
Warner Bros. Discovery sold its shares in GB News to Marshall, father of former Mumford and Sons member Winston, and the investment firm Legatum in August last year.
