(Bloomberg) -- Odey Asset Management has sold its stakes in Ryanair Holdings Plc and British Airways's owner International Consolidated Airlines Group, the Daily Mail reported Sunday, as the U.K. airline industry prepares for further job cuts.
Fund manager James Hanbury sold his IAG holding after shares rebounded, the paper said. IAG rose 8.5% this year while Ryanair added 3.4%, both outperforming the 1.4% gain of a Bloomberg index tracking European carriers.
U.K. airlines have warned that thousands of jobs could be lost if the government fails to offer the industry an extension of a furlough program, as travel remains in a slump for a second summer season.
The carriers have asked the government for a short-term, sector-specific jobs support plan to tide them through the usually lean winter months, said Tim Alderslade, the chief executive officer of trade group Airlines UK.
Read: U.K. Airlines Warn of Further Job Cuts Once Furloughs Expire
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