Odey Asset Management sees profits soar to £40m

Odey Asset Management saw its profits increase to £39.7m in the year to 5 April 2021, up from £8.3m the previous year, with Crispin Odey's share increasing tenfold, according to its annual report.

Over the same period, income generated by the firm's performance fees rocketed from £896,000 to £39.8m.

As a result, founding partner Crispin Odey (pictured) - the firm's member who receives the largest entitlement to profits - saw his share increase by ten times to £15.6m from £1.5m the year before.

The value of Odey Asset Management's investment in funds also skyrocketed, increasing to £6.5m as of 5 April 2021, up from £971,000 the year before.

Management fees, on the other hand, decreased slightly, dropping from £27.9m to £16.9m.

As of April last year, the investment house's net current assets stood at just over £5m, up from £4.9m, while net assets attributable to its members nearly doubled to £12.3m.

In October last year, Odey Asset Management announced the closure of its Odey Odyssey fund because of its size.

This was not factored into the firm's annual report, which took into account the financial year through to 5 April 2021.

The Odey Odyssey fund had around $65m in assets as of the end of March last year, and had been unable to accept new investments since 5 October.

In March last year, Crispin Odey was also found not guilty and acquitted of charges of indecent assault due to a "catalogue of inconsistencies" in the evidence presented against him.

Odey Asset Management has been contacted for comment on its annual results.