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Last updated 6 hours ago
Dec 18 2012 | 11:04am ET
Odey Asset Management CEO David Stewart is stepping down from day-to-day management of the US$7 billion hedge fund.
Stewart said he would become a non-executive director of the firm, seven years after joining it from Fidelity Investments. He told Financial News that he plans to work on a new company he's founded to help British companies set up shop abroad, and that it was time for younger people to take the helm at Crispin Odey's firm.
"I've done over seven years as chief executive and I took the view with Crispin that we ought to let the younger generation have a go," he said. "I will stay on as non-executive director to mentor them."
Stewart's roles will be split three ways. Chairman David Fletcher will take on research, while the "younger generation"—James Hansbury and Orlando Montagu—will take on compliance and operations, and business development, respectively. The three will also serve on Odey's executive committee.
Stewart said he would be in Odey's offices four days a week, primarily to work on his new firm, International Market Management. The venture, which features veterans of Jardine Matheson and Swire Group, seeks to help U.K. companies expand abroad, with a focus on emerging markets.
"This is a time that the U.K. needs to do more exporting," he explained to FN.