Odey AM profits suffer as performance fee income plunges 60%

Boutique’s management fees rose to £20.2m in the year to 5 April 2022

Crispen Odey


Odey Asset Management saw its profits halve in the year to 5 April 2022, falling to £18.8m from £39.7m in the previous 12 months.

A Companies House filing revealed the drop was mainly due to a steep decline in performance fee income, which plummeted to £15.7m from the £39.8m recorded in its 2021 financial year.

Despite management fees rising £4m to hit £20.2m, total income for the year fell to £36m from £56.7m.

The decline mainly centred in the boutique’s UK operation, where income slumped to £18.4m from the £37.5m recorded in the previous 12 months. Meanwhile, US income was also cut in half to £2.2m, while in Saint Vincent it was down at £122,000 from £226,000 the year before.

The only regions to record income growth were Europe, which brought in £12.4m in 2022, up from £11.1m the previous year, and the Cayman Islands with a more modest £2.9m, up from £2.5m in 2021.

The £18.8m is, per the firm’s remuneration policy, available for division among its 17 members. The person with the biggest entitlement, who was not named, is set to walk away with just over £5m, a sharp fall from the nearly £15.6m paid out the previous year.

A turbulent year for the firm saw an exodus among the asset manager’s senior leadership, with a trio of partners exiting in May 2022. They followed CEO Tim Pearey out of the door, who resigned from his position earlier in the year.

In June, the firm’s flagship hedge fund soared 110% after manager and founder Crispin Odey’s (pictured) bearish bets against long-dated govvies.

It was also a difficult year for the firm’s eponymous founder, however, after reports surfaced in December 2022 of further misconduct allegations. Crispin Odey was acquitted of indecent assault in March 2021.

See also: Rob Marshall-Lee sets up own firm four months after Odey AM exit


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