Hedge fund manager Crispin Odey has closed his short position in Jupiter to coincide with his wife’s appointment as non-executive chairman of the business, according to reports.
It was announced on Wednesday that veteran fund manager Nichola Pease had been appointed as a non-executive chairman of Jupiter to replace Liz Airey who is to step down in March 2020. At the same time Schroders confirmed Pease had left her role as non-executive director.
Odey Asset Management opened a 0.98% short position in Jupiter in February, according to Financial Conduct Authority data. The position reached a peak of 1.22% on 3 July and has moved up and down since then with latest filings showing a 0.66% position at 31 October.
The Financial Times originally reported two people close to the discussion as saying Odey had closed the firm’s short position in the FTSE 250 asset manager. Odey (pictured) later confirmed this to City AM, saying he had ended the short position by Monday, adding: “It was time to get out of it.”
He also confirmed Odey Asset Management will not to trade shares in Jupiter while Pease sits on the board. “We’ll have no position in Jupiter from now on,” he said.
It is understood a similar arrangement was in place while Pease sat on the Schroders board.
Latest FCA shows other asset managers shorting Jupiter in October include Blackrock with a 1.28% position as at 2 October, Melqart Asset Management at 0.96% on 22 October, Philadelphia Financial Management at 0.59% on 2 October and Point 72 Asset Management at 0.99% on 25 October.
Odey Asset Management and Jupiter declined to comment.
