Odey To Launch Low-Fee Wealth Management Business

Oct 12 2010 | 1:36pm ET

Odey Asset Management is launching a wealth-management business to give investors an alternative to the "bloated" wealth firms currently on offer.

Odey Wealth Management will be headed by new hires Tim Bond and Peter Martin. Bond joined the firm recently as a macro strategist after a stint as head of global asset allocation at Barclays Capital. Martin was head of investment management at Rothschild.

The new business will target wealthy investors in the U.K.

"I'm calling an end to the raw deal served up by many providers in the wealth management industry," Odey founder Crispin Odey said. "The big bank model died in 2008. Too many so-called professional investors embrace mediocrity by seeking consensus views that starve private clients of performance whilst lining the managers’ pockets with high and often hidden charges.”

Odey Wealth Management will charge a flat 1% fee.

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