Good year for Odey after fund turnover drives handsome profit

 
Michael Bow
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ODEY Asset Management, the hedge fund managed by seasoned stock picker Crispin Odey, doubled profits last year after performance fees soared.

The 18 partners at the company, including Odey, shared the spoils of a £55m profit for the year ending 5 April 2013 according to its latest accounts, up from £27.2m in the same period last year.

The top earner, thought to be Odey, was awarded £14.2m for the year, up from £9.4m in 2012.

Company profits were boosted by stellar investment performance and an increase in the number of products being sold to investors. Three new funds – the Odey Swan fund, Odey Naver fund, and Odey Orion fund – launched over the period and the company’s funds outperformed.

Overall turnover rose to £72.7m from £40m. Performance fees alone rose by 18 times to £36.7m. This followed a dismal 2012 when performance fees came in at £2.5m.

Assets under management also rose to $8.3bn from $6.8bn.