Kerryman's hedge fund beats the market chaos

Comac Capital has seen assets under management soar as the financial crisis wreaks havoc among more mainstream investors. Comac, which was set up just six years ago, now has close to €5bn in funds under management -- making it the largest Irish-run hedge fund in the world.

Mr O'Shea, a low-profile 41-year-old, read economics at Cambridge before working at Citibank. He then became a key player at the legendary George Soros Quantum Fund before setting up his own hedge fund in London six years ago.

Mr O'Shea is understood to have made a fortune for investors when correctly calling the massive slowdown of the US economy in 2007 and 2008. The hedge fund made a massive bet by shorting long-term US treasury bonds. Recent figures suggest gains of 3 per cent since the crisis erupted in recent months.

Figures for Comac's hedge fund show that more than €111m was divided up between the firm's six members at the end of 2009, "with the member entitled to the highest profit share allocated £74.6m" or more than €85m.

It is understood that Mr O'Shea's family is from Kerry and that he moved to Oxford at an early age.