Odey pockets $55m after 55% return
UK hedge fund manager Crispin Odey earned almost £28m ($55m) this year after beating almost all his rivals by posting a net return of 55% last year on his flagship fund.
Odey was the highest paid member of Odey Asset Management, taking £27.9m of the profit attributable to the partnership’s 12 members, according to the firm’s financial statements for the year ended April 5 published last week at Companies House. The remaining 11 members earned £27.4m between them.
Odey personally manages Odey European Inc, or OEI, which according to the company managed assets of $1.1bn as of the end of June this year. It posted a return of 55% last year, after a difficult year in 2006 when it lost 1.46%. OEI, launched in 1992, is one of the longest-established hedge funds in Europe.
The performance of OEI helped Odey Asset Management boost its revenues almost threefold from £23.8m last year to £64.6m. The increase was driven by a rise in performance fees from £1m to £43.1m.
OEI Mac, a feeder fund for OEI that also takes currency positions, was up 65% over the same period and had $355m, separate from OEI, at the end of June.
Some funds at Odey have performed badly. Odey Asset Management’s Japanese hedge fund’s assets fell more than $1bn in 18 months before the firm decided, in June, to shut it. Despite this, the firm increased its total assets under management from $4.2bn in March 2007 to $4.6bn a year later.
David Stewart, chief executive of Odey Asset Management, said the firm’s assets under management had reached a record $5.2bn at the end of last month and he expected it to reach $5.3bn at the end of August. “We will go quiet for a while after August, not marketing aggressively, not trying to grow assets quickly.”
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