Odey reopens three hedge funds
Odey Asset Management, the London-based hedge fund firm founded by Crispin Odey, has reopened three funds which were soft closed in November 2022, including its flagship Odey European fund, according to a report by Financial News citing a letter sent to the firm's clients.
The OEI Mac and Odey Swan funds have also reopened alongside the flagship strategy and will now start to accept new investors again. In the letter, Odey AM chief executive Peter Martin said the managers were "satisfied that there is sufficient capacity within the strategy for greater assets, and an improved opportunity set".
When the funds were closed last year Odey AM explained that the decision was made to "protect the interest of our existing investors" and that it wanted to ensure that assets remained at a level "that does not compromise our ability to maintain the strategy's risk/reward profile, and consequently performance".
As of November 2022, the three funds had combined assets of $1 billion.