Fund Manager Launches Guernsey Operation

by Carla Johnson, Investors Offshore.com

25 June 2008

Odey Asset Management has established a wealth management operation in Guernsey to provide investment services and discretionary advice to clients, it was announced last week.

Odey Wealth will manage a new vehicle, Odey Opportunities, a multi-asset fund of funds which is domiciled in Cayman and listed in Dublin.

The fund aims to give investors exposure to both the macro investment views of Crispin Odey, Chief Investment Officer, and the asset-picking talents of two Guernsey-based fund managers, Geoff Marson and his assistant Shaun Le Messurier, who joined Odey in January from Credit Suisse’s private client division in the Island.

Mr Marson was a director of private client business and head of investments at Credit Suisse in Guernsey where he worked for 15 years. His team was responsible for managing more than USD1bn in discretionary portfolios on behalf of private clients and offshore pension funds.

Mr Le Messurier served as vice-president in the same team and was responsible for hedge fund selection. He was also head of securities sales and execution for three years.

They have been managing the Opportunity fund since May. It is live, with about USD5mn invested, and will trade monthly, with its first trade due in about two weeks’ time.

The Guernsey operation will also manage segregated accounts, which will be similar to the Opportunity fund, but take account of specific client requirements.

Odey Wealth will be primarily targeting wealthy private investors, although it is anticipated that pension funds may also be interested in its offering.

“We are very gently talking to one or two clients and one or two pension funds about this opportunity,” explained David Stewart, Chief Executive of Odey Asset Management.

The London-based investment house, which was founded in 1991, is renowned for operating hedge funds and traditional long-only portfolios and currently has just under USD5bn under management.

Mr Stewart has said that the Opportunity fund will not be hedged but will be a true multi asset fund with the ability to invest in other funds, including hedge funds, as well as equities, bonds, commodity futures and exchange traded funds.

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