Brexit-supporting hedge-fund manager Crispin Odey has seen income greater than halved at his boutique funding home.
MarketWatch subjects: Brexit
Operating profit has slumped to £eight.7 million (roughly $11 million) for the yr ending in April 2018 from £18.6 million, in line with the newest accounts for Odey Asset Management, which have been revealed Friday at Companies House.
The agency’s dad or mum firm, Odey Asset Management Group, noticed income fall from £47.5 million to £31.2 million for the yr.
A word in the doc, seen by MarketWatch, stated: “Although the year shows a fall in revenue, this was in line with expectations based on net outflows of assets under management.”
During its monetary yr it noticed the closure of two funds, Odey European Absolute Return Fund and Odey European Allegra Fund, which closed in April 2017.
Assets beneath administration as of this April have been $5 billion, down from $6.1 billion in 2017. Management described the efficiency as “satisfactory.”
In current weeks Odey, who made an estimated £220 million in the wake of the Brexit vote, has made massive bets towards the U.Okay. financial system post-Brexit.
Odey Asset Management has declared brief positions value a reported £149 million towards a raft of shops and consumer-facing companies.
The accounts for Odey Asset Management additionally present efficiency charges elevated to £385,000 from £60,000 in 2017. But this was far in need of the £19.2 million in efficiency charges recorded in 2016.
The partnership had round 18 members through the yr, who shared £eight.6 million, which was down from £17.eight million.
The member with the most important entitlement, considered Crispin Odey, noticed his revenue fall from £5.5 million to £1.four million over the interval.
The firm declined to remark.
Read at FNLondon.com: Hedge-fund boss Crispin Odey reveals political ambitions
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