Crispin Odey
Crispin Odey | |
|---|---|
| Born | Error: Need valid birth date: year, month, day East Riding of Yorkshire, England |
| Occupation | Hedge fund manager |
| Known for | Founder of Odey Asset Management |
Robin Crispin William Odey (born January 1959) is a British hedge fund manager and the founder of Odey Asset Management.
In June 2023, an investigation published by the Financial Times accused Odey of sexual harassment or assault involving 13 women over a span of 25 years. Odey refuted these allegations. Shortly thereafter, Odey Asset Management announced his exit from the company. The report triggered investor withdrawals, leading the firm to halt redemptions. By late June 2023, the firm suspended its primary hedge funds amid rumors of a possible dissolution. In March 2025, the Financial Conduct Authority (FCA) imposed a £1.8 million fine on Odey and banned him from participating in the UK financial services sector due to a 'lack of integrity'. Odey intends to contest the FCA's ruling in the Upper Tribunal.
Early life and education
Born in the East Riding of Yorkshire, Odey is the sole son of (George) Richard Odey, descending from a lineage of Yorkshire industrialists. His grandfather, George Odey, served as a Conservative MP for Beverley. His mother's family name was Clitherow. In 1980, his sister Caroline married the Hon. Henry David Montgomery, heir to the viscountcy of Montgomery of Alamein; they have three children.
Odey attended Harrow School, where his father had previously held the position of head boy, and graduated from Christ Church, Oxford in 1980 with a degree in history and economics. Soon after completing his studies, he inherited Hotham Hall, a 4,000-acre estate that had been in his mother's family since 1720; he sold this property at age 23. Odey has characterized his father as a lifelong "wastrel" financially reliant on him.
Early funds
After university, although qualified as a barrister, Odey opted for a career in finance. He began at Framlington fund managers before moving to Barings International, where he managed the Baring European Growth Trust. At both Framlington and Barings, he was responsible for overseeing continental European pension funds.
Odey Asset Management (1991–2019)
In 1991, Odey established Odey Asset Management with an initial capital injection of $150 million from George Soros. Despite facing considerable losses in 1994 due to unexpected Federal Reserve interest rate increases, the firm prospered by correctly anticipating market movements, such as the surge in insurer valuations following the September 11 attacks in 2001. During the early 2000s, Odey worked closely with Hugh Hendry, who managed the successful Continental Europe Fund before departing in 2005 to launch Eclectica Asset Management. Odey described this era as transitioning from a "one-man band" to a "two-man band."
Odey rose to prominence during the 2008 financial crisis by shorting banking stocks, generating nearly £28 million with a 54.8% return that year. Having been bearish on banks for several years—shorting Bradford & Bingley since 2005—and voicing concerns about debt and housing bubbles, he shifted to long positions in April 2009 ahead of an expected market rebound. The Times recognized him as a "Business Big Shot" in 2008.
In May 2009, Odey stirred controversy by threatening to relocate outside the UK to avoid a proposed 50% income tax rate and was linked—though he denied it—to funding anti-EU campaigns during Ireland’s Lisbon Treaty referendum.
By May 2010, Odey Asset Management had joined forces with Geneva-based Bruellan Wealth Management to create Odey Bruellan. By April 2011, assets under management ranged between $6.5 billion and $7 billion, with Odey personally managing $4 billion. In 2012, his European Inc. fund ranked fifth among Bloomberg's top-performing large hedge funds.
By 2016, profits at Odey Asset Management fell nearly 45%, resulting in salary cuts for Odey and diminishing his personal wealth by £200 million. That year he was an outspoken advocate for Brexit, arguing it would restore UK sovereignty. His hedge fund gained approximately 15% after the Brexit vote, reportedly earning him £220 million despite his flagship fund experiencing an overall loss close to 50%. Operating profits declined from £44.3 million to £18.6 million during that year.
In June 2017, his fund benefited from sterling’s depreciation following a hung parliament. By August, while still holding shares in Sky plc, he opposed Fox’s takeover bid after Sky reported better-than-expected financial results.
From early 2015 through September 2017, assets under management decreased from $11.7 billion to $5.5 billion; concurrently, funds within Odey European dropped from €2.5 billion to €184 million partly due to poorly timed trades. In January 2018, The New York Times reported that Odey Asset Management had suffered a loss of 20.5% in 2017.
Known for maintaining a pessimistic market outlook, Odey's short positions on equities and bets against Federal Reserve policies contributed to substantial underperformance amid widespread global economic optimism. Nonetheless, he asserted that his contrarian stance was justified based on fundamental analysis despite prevailing trends favoring equities and central bank interventions.
Since 2020: Allegations of sexual misconduct and exit from the company
In May 2020, Odey faced charges of indecent assault linked to an incident from 1998. He refuted the allegations and was subsequently acquitted in March 2021 following a trial held at Westminster Magistrates' Court.
In June 2023, the Financial Times revealed accusations that Odey had sexually harassed or assaulted 13 women over a span of 25 years, which he denied. After this disclosure, the Financial Conduct Authority initiated an investigation into Odey Asset Management regarding these claims. Prominent clients such as Morgan Stanley and JPMorgan Chase then severed their relationships with the firm.
On 10 June 2023, the executive committee of Odey Asset Management announced that Odey would cease involvement with the company, confirming he would have no financial or personal ties moving forward. The firm stated it would remain "owned and controlled by the remaining partners and operated as an independent legal entity." Soon after, plans were unveiled to rebrand the company, removing Odey's name from its title.
2025: FCA prohibition
In March 2025, the FCA imposed a £1.8 million fine on Crispin Odey and prohibited him from participating in the UK financial services sector due to a "lack of integrity." He was determined to have exhibited "reckless disregard" for the governance of his hedge fund and was judged "not a fit and proper person" to engage in regulated activities. Odey intends to contest this ruling at the Upper Tribunal.
Personal life
Odey's first marriage was to Prudence Murdoch, eldest daughter of Rupert Murdoch, lasting just 15 months without children.
He subsequently married Nichola Pease, who serves as deputy chairman of JO Hambro Capital Management and comes from a founding family of Barclays Bank. Together they had two sons and one daughter. According to the Sunday Times Rich List 2019, their combined net worth was estimated at £775 million. The couple divorced in 2021. In 2022, Odey married Diana Vitkova.