Odey Asset Management sees profits cut in half

Due to performance fee drop

Odey Asset Management saw profits fall to £18.8m in the year to 5 April 2022, compared to £39.7m a year earlier.

In accounts filed at Companies House, the asset manager revealed that a sharp drop in performance fees, falling from £39.8m to £15.7m. Management fees continued to rise however, from £16.9m to £20.3m. Assets under management have still continued to rise for the firm, up to $3.8bn in the previous year, from $3.6bn a year earlier. Odey closes $1bn of funds to new money The asset manager saw its income from both the UK and US more than half, with the former falling from £37.6m to £18.4m and the latter falling to £2.2m. Income from Europe and the Cayman Islands both increased sligh...