Odey Asset Management closed in a crisis. Two of its former funds are now top performers.

By Louis Goss

Two funds formerly controlled by Odey Asset Management posted particularly strong performances that saw them rank among the world's 10 best performing funds in April, having found a new home in the wake of the crisis that engulfed their ex-proprietor.

The Odey Absolute Return Focus Fund posted and the CF Odey Absolute Return Fund both ranked in the top 10 in April, having achieved gains of 16.7% and 9.61% respectively, figures from Societe Generale show.

The two funds, which are both controlled by portfolio manager James Hanbury, were transferred over to London hedge fund Lancaster Investment Management in 2023, in summer of 2023 before Odey Asset Management announced it would be closing in October that year.

Both funds were boosted by strong performances from their short books, which saw the two long/ short funds outperform the three other long-only funds that are also controlled by Hanbury at Lancaster Investment Management, a source familiar with the matter told MarketWatch.

Odey Asset Management, which was started by British billionaire Crispin Odey in 1991 using funds from George Soros, announced plans to close after its founder was accused of sexual assault and harassment by 13 women following an investigation by the Financial Times.

Five funds controlled by Hanbury - who joined Odey Asset Management in 2008 - and fund manager Jamie Grimston - who joined the hedge fund in 2010 - were transferred to Lancaster Investment Management in July 2023.

Hanbury is the son of Joss Hanbury, a friend of King Charles and a senior master of one of Britain's most famous fox hunts, the Quorn Hunt.

In 2016, Hanbury made GBP110 million shorting Britain's pound (GBPUSD) after it crashed to 31-year lows on news the U.K. would be leaving the European Union, according to the Daily Mail.

-Louis Goss

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05-21-24 0712ET

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