Odey partner pay plummets more than 99 per cent
The pay of partners at disgraced hedge fund manager Crispin Odey’s firm fell to just £49,000 last year, down 99.9 per cent from their previous payouts.
In the 12 months to the end of April 2024, the highest-paid of Odey’s 12 members of staff earned just £45,000, compared to £28.6m the previous year, documents published on Companies House revealed.
In the year prior, the hedge fund’s 11 partners pocketed nearly £64m before it began winding down, according to the filings.
Odey Asset Management, named after the eponymous founder, has been rocked by scandal since 2023 year after a Financial Times investigation revealed more than a dozen women had accused the manager of sexual assault.
While there had been accusations of sexual assault against Odey previously, the FT investigation cited 13 women who accused him of abuse or harassment between 1998 and 2021. He has denied the claims and called them “rubbish”.
Last week, it was revealed that Odey was seeking at least £79m in damages from the FT after suing the publication for libel, having begun legal action against the paper in May last year.
Now, documents published to Companies House yesterday for the year to April 2024 revealed that pay at the hedge fund had plummeted as most partners left the firm.
Odey AM began winding down its business in October 2023 and applied to cancel its Financial Conduct Authority authorisation, completing its last client mandate by December 2023.
As the latest year partially covered an active period for the firm, it reported that it had brought in £9m in management fees, along with £364,000 in performance fees, an 88 per cent drop from the previous years.
In June 2023, Odey was removed as a person with significant control of the hedge fund and stripped of his portfolio management responsibilities.
He was then rehired to the firm in September 2024, while almost a dozen partners officially resigned, leaving Odey as the sole director.
Subsidiary Odey Wealth Management entered liquidation in October 2024, with wealth management and accountancy firm Evelyn Partners brought in as its liquidator.