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May 27, 2024
PI Global Investments
Hedge Funds

Members of closing Odey Asset Management fund to share almost £64m

The partners of the Odey Asset Management hedge fund, which is winding up after its founder was accused of misconduct, are to share nearly £64 million for its final year of operations.

Odey AM said the amount of profit that will be distributed between its 11 members had grown from £18.8 million in the year to the end of April 2022 to £63.9 million the following year.

This will be split between the members, although not evenly. One member will be entitled to £28.6 million on their own.

The company spent £17.6 million paying its 29 members of staff during the period, results posted to Companies House reveal.

The accounts also show that Odey AM’s funds under management had grown to 4.4 billion US dollars (£3.5 billion) in April 2023 from 3.8 billion dollars (£3.0 billion) a year later.

It will be the last full year for Odey Asset Management, which is set to close down after a series of allegations against its founder, Crispin Odey.

The company was launched in 1991 and had become one of the more successful hedge funds in London.

Mr Odey has for years faced allegations of sexual misconduct, and in 2021 was found not guilty in a court case which accused him of indecent assault that allegedly happened in 1998.

But in June the Financial Times and Tortoise Media said they had spoken to 13 women who alleged they were abused or harassed by the fund manager.

The incidents are alleged to have happened between 1998 and 2021. The women either worked for Odey AM or dealt with Mr Odey in a professional capacity.

Mr Odey has denied all the allegations against him.

The Financial Conduct Authority is currently investigating Mr Odey to see if he is “fit and proper” to work in financial services.

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