Odey in Talks With Landseer to Transfer Flagship Hedge Fund

Odey Asset Management is in advanced talks to move Freddie Neave — the portfolio manager of its flagship hedge fund — to Landseer Asset Management UK, as the firm reaches the final stages of a revamp following sexual assault allegations against its founder Crispin Odey.

(Bloomberg) — Odey Asset Management is in advanced talks to move Freddie Neave — the portfolio manager of its flagship hedge fund — to Landseer Asset Management UK, as the firm reaches the final stages of a revamp following sexual assault allegations against its founder Crispin Odey.

Under the proposal, Landseer will become the investment manager of a new fund carved out from the restructuring of Odey European Inc. and OEI Mac Inc., both currently managed by Neave, Odey said in a statement dated Aug. 11. 

The talks are subject to regulatory approvals. The two funds — previously co-managed by Crispin Odey — were suspended in June in the wake of surging redemption requests.

The European Inc. strategy managed $781 million as of end-June, which included Crispin Odey’s own money that’s unlikely to be moved elsewhere. The move marks the firm’s latest steps to rehouse funds managed by portfolio managers including Adrian Courtenay, James Hanbury and Oliver Kelton as part of its restructuring.  

The London-based firm has been battling to contain an exodus of clients’ money since the June 8 Financial Times investigation into founder Crispin Odey’s alleged treatment of women over a roughly 25-year period. Ousted from the company that bears his name, he has denied the allegations. Assets in the funds have plunged, forcing the firm to look to rejig its money pools and employees.

The firm also considered restructuring the fund’s operations, which may allow clients to switch their investments to a new entity, according to a separate letter. The OEI Mac Inc. fund was created in February 1994. The Odey European Inc. strategy, the main hedge fund offering with roots dating back to 1992, is known for its wild swings over the years.

In 2022, the fund posted its best-ever performance, returning 152%, powered mainly by Odey’s highly leveraged short wagers on long-dated UK government bonds as inflation and political turmoil roiled the British economy.

Landseer is an equity-focused investment firm based in London. It was founded in 2020 by Roger Guy, Andy Billett and Paul Graham who spun off the firm from billionaire Michael Hintze’s hedge fund CQS. Landseer manages $1.6 billion, according to its website.

(Updates with background on Landseer in the last paragraph.)

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