McDonnell’s Favourite Asset Manager Operates Offshore

John McDonnell is banging on a lot at the moment about all the City fund managers he claims he’s meeting. When pushed by Andrew Neil this week to name a firm he had met, the Shadow Chancellor couldn’t. Now Bloomberg reports one asset manager is indeed letting the self-sworn radical “Marxist” into their office…

Executives at BlueBay Asset Management, which has $57 billion of assets under its management, are to meet McDonnell next week. Mark Dowding, a senior portfolio manager, says: “We’re not giving a political endorsement to a political party here, but as macro investors we actively engage in dialogue with policymakers across the spectrum.”

Just one awkward problem for McDonnell: he claims to disapprove of the entire way BlueBay structures its business. A quick look at the accounts shows the firm has a Luxembourg fund management company and a Jersey based Employee Benefit Trust.

Not only that, but it’s shorting the pound and UK government bonds, meaning its investors will gain from Labour’s run on the pound. Quite aside from shorting the pound, Guido is surprised McDonnell would want to consort with a firm who manage funds in Luxembourg and have an Employee Benefit Trust in Jersey…




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Quote of the Day

Jeremy Corbyn in the Evening Standard

“… we must also face the uncomfortable fact that a small number of our members and supporters hold anti-Semitic views and attitudes, which need to be confronted and dealt with more rapidly and effectively.

The evidence is clear enough. Labour staff have seen examples of Holocaust denial, crude stereotypes of Jewish bankers, conspiracy theories blaming 9/11 on Israel, and even one member who appeared to believe that Hitler had been misunderstood.

So let me be clear. People holding those views have no place in the Labour Party.

… we have not done enough to get to grips with the problem, and the Jewish community and our Jewish members deserve an apology. My party and I are sorry for the hurt and distress caused. … We must strive to understand why anti-Semitism has surfaced in our party…

… when criticism of or opposition to the Israeli government uses anti-Semitic ideas — attributing its injustices to Jewish identity, demanding that Jews in Britain or elsewhere answer for its conduct, or comparing Israel to the Nazis — then a line must be drawn.  Anti-Zionism is not in itself anti-Semitic and many Jews themselves are not Zionists. But there are also a very few who are drawn to the Palestinian question precisely because it affords an opportunity to express hostility to Jewish people in a “respectable” setting. Our movement must not be a home for such individuals.

Second, there are people who have come to see capitalism and imperialism as the product of conspiracy by a small shadowy elite rather than a political, economic, legal and social system. That is only a step from hoary myths about “Jewish bankers” and “sinister global forces”.

These views do no service to the struggle for a just society.”

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