Fund manager ups contrarian bet on Deutsche Bank

Contrarian investor Hans-Peter Schupp topped up his position in Deutsche Bank shares on Friday morning following the new leg lower in the price of the German lender´s stock, the second time that he had done so over the past two months.

Overnight, the US Departmemnt of Justice had proposed that Deutsche Bank fork out $14bn to settle an investigation into its selling of residential mortgage backed securities in the years immediately prior to the start of the Great Finanicial Crisis in early 2008.

The fund manager told Citywire Selector the likelihood was the demand will be negotiated down to a lesser amount so it was justified for him to add to that position, which now accounts for 3.8% of the Fidecum SICAV – Contrarian Value Euroland fund.

As of 1107 BST shares in Deutsche Bank were retreating 7.40% to €12.14.