Crispin Odey steps down from asset management firm
Crispin Odey has stepped down from the helm of his London-based hedge fund firm in order to focus on managing his own funds, the company said last night.
Odey, one of the UK’s best-known hedge fund managers and political donors, will step down from the role of co-chief executive after almost three decades at the top.
Timothy Pearey, who has been co-head of Odey Asset Management for the past five years, will remain as the company’s sole chief executive.
As part of a company-wide shake-up, Odey Asset Management will split to form a new legal entity — Brook Asset Management — in the coming weeks.
Brook will scoop up several of the firm’s funds, and will be under the Odey Group umbrella subject to regulatory approval, the company said last night.
Odey’s exit comes after he pleaded not guilty in September to a charge of indecently assaulting a woman in 1998.
Prosecutor Aaron McCalister told Westminster Magistrates Court that Odey put on a dressing gown before “launching himself” at a female employee of an investment bank.
Odey denied the claims, saying in a statement after the hearing in September: “I look forward to having the facts heard and maintain the allegation is untrue.”
He remains on bail, with a trial scheduled for early next year.
Odey, who heads up a further six funds, said his exit from Odey Asset Management would allow him to “focus entirely on running [his] funds”, rather than overseeing the wider business.
The money manager said he was “very excited” at the prospect because “so few people in the market are thinking this way”.
“The markets will continue to be very testing over the next few months as inflationary factors start to make themselves known,” he added.
Odey is said to have given almost £900,000 to pro-Brexit-campaigns in the past, and is a vocal Conservative supporter, having donated £10,000 to Boris Johnson’s leadership campaign.
Odey did not respond to City A.M’s requests for comment.