Freddie Neave has continued to cut risk at Odey Asset Management’s flagship European Inc fund having removed the leveraged bond bets placed by former boss and Odey AM founder Crispin Odey, ahead of moving the fund to a new home, according to a report by Bloomberg.
Neave took over running the fond after Odey was ousted from the firm in the wake of multiple allegations of sexual misconduct made against him, which he denies.
The report cites a investor letter seen by Bloomberg as revealing that the fund’s Government bond exposure has been taken to zero, while equity exposure has been cut down to single digits.
Leveraged short wagers on long-dated government bonds once totalled 800% of the net asset value of the hedge fund under Odey, who left in June.
Th letter also showed that gross equity exposure was reduced to 8.6% as of 8 August from 140% on 7 June.
According to a statement issued on 11 August, the firm is in advanced talks to move Neave to Landseer Asset Management UK, where he will become the investment manager of a new fund carved out from the restructuring of Odey European Inc, and OEI Mac Inc, which are both currently managed by Neave.
