The chief executive of Odey Asset Management has resigned, Portfolio Adviser has learned, marking the second senior departure from Crispin Odey’s hedge fund business in a month.
Filings from Companies House show Tim Pearey was terminated as a member on 24 March after two decades at the business. As of yet, Odey AM has not named a successor.
Having split the CEO role with Odey AM’s eponymous founder (pictured) for many years, in November 2020 Pearey became the boutique’s sole boss months after Odey was charged by the Crown Prosecution Service over an alleged indecent assault. He was ultimately acquitted.
A spokesperson from Odey AM said: “After 20 years with the firm, and six as CEO, Tim Pearey has resigned from the firm. It goes without saying that we are very sad to say goodbye to Tim. We thank him for his great contribution to Odey and wish him every success in the future.”
Odey AM has been shedding members from its C-suite. Last July, Portfolio Adviser revealed chairman David Fletcher was relinquishing his post, though a spokesperson said he would remain a senior adviser to the business. Odey AM does not appear to have lined up a replacement, as there is no individual with that job title listed on its website.
Pearey’s departure follows hot on the heels of Rob Marshall-Lee’s exit. The ex-Newton manager was hired to launch a brand-new emerging markets franchise for Odey AM subsidiary, Brook Asset Management, but left after only one year.
In the year to 5 April 2021, Odey AM saw profits nearly quintuple from £8.3m to £39.7m after raking in £39.8m in performance fees, a 4,341% spike from the £896k generated in 2020.
