Big bet on Orban’s exit came from center of his family’s empire

An asset-management fund in the Equilor group of companies part-owned by outgoing Hungarian Prime Minister Viktor Orban’s son-in-law profited from financial-market bets on the strongman losing power.

Equilor Asset Management said it had amassed a “significant overweight” stance in government bonds and, right before Hungary’s election on April 12, in local stocks. The wagers paid off as the opposition Tisza party’s landslide victory extended a rally in the country’s assets.

While the ownership structure of the fund-management boutique is opaque, it operates from the same office as Equilor Investment Ltd., a broker controlled by Istvan Tiborcz, the husband of Orban’s oldest daughter. The firms also promote themselves as one group to clients.