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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