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No deal would be worse for Cyprus than UK says top City voice

While a No Deal Brexit would be bad for the UK, it would be worse for countries such as Cyprus, a leading UK hedge fund manager has said.

Known as a maverick with the sharpest tongue in the City, Dr Savvas Savouri, who has Greek Cypriot parents, said Ireland, Lithuania and Spain would also be affected.

Speaking to the Daily Mail from his office near Covent Garden Savouri said he has few fears about the UK’s impending departure from the European Union.

Because of the damage to other Eu countries, the Greek-Cypriot, who grew up in North London, believes the EU will eventually agree to an “amicable” deal to avoid “mutually assured destruction”.

The proof for Savouri’s Brexit optimism, he said, can be found on the stock market. Savouri – chief economist of renowned London hedge fund Toscafund Asset Management – points to the recent spate of takeover activity indicating that big private investors believe in the future of the UK and see listed companies as bargain opportunities.

“There is so much value in UK listed equities – they are so underpriced,” he said. “The UK is being de-equitised because smart money sees value here.”

Savouri, whose views on the global economy are sought after across the City and Westminster, does not shy away from controversy.

A former comprehensive school pupil, who did a PhD at the London School of Economics, he is now one of the biggest names in London’s secretive hedge fund industry.

“I’m not some sort of cheerleader,” he told the paper. “I’m not evangelising the UK. Believe me, in my 30 years [of being an economist], when this country’s been a bit s*** I’ve been the first to write about it being a bit s***. You don’t get applauded for being a cheerleader. You get applauded for being right.”

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