David Fletcher is stepping down as chairman of Odey Asset Management, Portfolio Adviser has learned.
Fletcher, who has been chairman of Crispin Odey’s eponymous boutique since 1998, will stay on as a senior adviser to the business and will continue to serve on various committees, including the executive committee, according to a spokesperson. He first joined Odey AM in 1995 as its chief executive.
Odey AM has not named a replacement chairman yet, but Portfolio Adviser understands the firm is looking to appoint an additional senior adviser.
Fletcher’s reposition is the latest change to Odey AM’s executive team in recent months.
Last November Tim Pearey became the boutique’s sole boss after Odey announced he would be stepping down as co-CEO to concentrate entirely on managing his funds. Months earlier he had been charged by the Crown Prosecution Service over an alleged indecent assault, though he was ultimately found not guilty.
Amid the senior management reshuffle the firm announced it would be launching a new subsidiary business Brook Asset Management. Ahead of Odey’s trial it quietly rebranded seven funds, with £1.3bn of assets, from ‘Odey’ to ‘Brook,’ including partner James Hanbury’s £505m Absolute Return fund.
See also: Revealed: Odey AM quietly rebrands £1.3bn of funds as Crispin Odey’s next trial date looms
Ex-Newton managers Rob Marshall-Lee and Sophia Whitbred have joined the subsidiary business and plan to launch an emerging market strategy.
In 2020 Odey AM took a substantial hit to profits after performance fees shrivelled from £896,000 from £11.9m in 2019.
