Odey profits halve to £18.8m as performance fees dry up
Hedge fund boss Crispin Odey saw profits at Odey Asset Management more than halve last year after performance fees for the firm plunged, new filings reveal.
Accounts released over the weekend revealed that profits at Odey Asset Management slumped to £18.8m in the financial year ending 5 April 2022, down from £39.7m a year previously.
Profits have been dished out to members of the firm, with the highest earner pocketing some £5m compared to a bumper 2021 when fund manager James Hanbury was paid £15.6m.
The downturn for the 2022 financial year saw cash raked in from performance fees drop from £39.8m to £15.7m.
The firm has been under the spotlight in recent months after Liz Truss-backing Crispin Odey reportedly raked in bumper profits by betting against long-dated government debt in the wake of her disastrous mini-budget.
His main European fund was reportedly up around 145 per cent after the unfunded tax cuts sent gilt yields into turmoil.
The firm has also been rocked by a series of new sexual assault allegations against Odey, which bosses said they were treating “extremely seriously” late last year.
Odey was acquitted of indecent assault in March 2021 after allegations he had assaulted a woman at his Chelsea house in 1998. Fresh allegations were reported by the Tortoise news website last year which Odey has reportedly rebuffed as containing “very many falsehoods and inaccuracies”.