Last year was a very good year for Crispin Odey and, by extension, for Odey Asset Management.
Odey AM’s 12 partners split £55.3 million (US$109.3 million) in profits as the London-based firm’s revenues almost tripled. But Odey himself, who manages the firm’s flagship Odey European fund, took home more than half of that.
Odey earned £27.9 million (US$55.1 million) in the year ended April 5, according to Odey AM’s financial statements. Odey European, which manages US$1.1 billion, returned an eye-popping 55% last year, while its US$355 million OEI Mac feeder fund—which also invests in currencies—rose 65%.
All told, Odey AM took in £64.6 million (US$127.6 million) in revenue as performance fees soared from just £1 billion two years ago to £43.1 million (US$85.1 million) last year. Assets under management also rose, despite the shrinking and closing of its Japan fund, by 9.5% to US$4.6 billion. Odey AM said its asset have since reached US$5.2 billion and is expected to hit US$5.3 billion by the end of the month.