Hedge fund manager Crispin Odey has ended his short position in Jupiter Fund Management after his wife, veteran fund manager Nichola Pease, was appointed chair of the group.
Jupiter announced today that Pease will take over as its non-executive chairman when Liz Airey steps down in March.
Regulatory filings had shown that Odey’s hedge fund, Odey Asset Management, held a short position in Jupiter as late as 31 October – the last date for which information is available.
But Odey confirmed to City A.M. that his firm no longer has a short position in Jupiter. Odey said he had ended his short position in Jupiter by Monday, adding: “it was time to get out of it”.
Odey also confirmed his firm will not trade in Jupiter shares while Pease remains in position there. A similar arrangement had been in place while Pease sat on the board of Jupiter rival Schroders.
“We’ll have no position in Jupiter from now on,” Odey told City A.M.
Odey first disclosed a short position of 0.97 per cent in the FTSE 250 fund manager in February, and filings show the position has fluctuated since then.
Odey had been gradually reducing the position since mid-October, when it rose to one per cent.
Pease and Odey are worth a combined £775m, according to the latest Sunday Times rich list.
Pease’s appointment comes at a time of significant management change for Jupiter, after chief executive Andrew Formica joined in March and Wayne Mepham joined as chief financial officer in September.
Jupiter senior independent director Jonathan Bond said Pease was an “outstanding successor to our outgoing Chairman and brings significant relevant experience to the board.”
“At a time when Jupiter is moving forward under new leadership and with a refreshed plan to grow the business, Nichola’s industry expertise will prove invaluable.”
“Jupiter is an exceptional firm with a high-quality team and an ambitious strategy to build the business over the next five years. I look forward to joining the Board at a very exciting time for the business,” said Bond.
He also thanked Airey for her work with Jupiter, saying: “We have benefitted immensely from her long and successful stewardship”.
Pease said: “Jupiter is an exceptional firm with a high-quality team and an ambitious strategy to build the business over the next five years. I look forward to joining the Board at a very exciting time for the business.”
Results released in July showed Jupiter had recorded a modest first-half improvement under Formica, but outflows of client cash continued following the loss of a star fund manager earlier in the year.