Crispin Odey steps back from running hedge fund firm

By Simon Jessop

LONDON (Reuters) - Crispin Odey is to step back from running his London-based hedge fund firm as part of an overhaul of the group and instead focus on managing money for clients, the firm said on Tuesday.

Odey, one of Britain's highest-profile hedge fund managers and political donors, recently pleaded not guilty to a charge of indecently assaulting a woman in 1998 and remains on bail, with a trial scheduled for early next year.

As part of the reorganisation, Odey Asset Management (OAM) said it planned to create a new legal entity, Brook Asset Management, and would rename a number of funds under the Brook banner in the coming weeks.

"We have been planning for the next phase of OAM’s development for some time, while always mindful of fostering and maintaining the investment led and performance driven culture, that has driven its success these past three decades," said Chief Executive Timothy Pearey.

Crispin Odey would himself run a new fund focused on preserving capital during periods of high inflation, in addition to running his other funds, the company said.

"I am very excited about my new inflation focused Fund, as so few people in the market are thinking this way. This provides great opportunity for investment, which now more than ever demands one’s full attention," Odey said.

"The markets will continue to be very testing over the next few months as inflationary factors start to make themselves known."

Crispin Odey was one of the biggest donors to the successful campaign for Britain to leave the European Union, and donated 10,000 pounds to Boris Johnson during his campaign to become prime minister.

(Reporting by Simon Jessop, Editing by Lawrence White and Mark Potter)