Veteran investor Crispin Odey is bowing out as boss of the Mayfair-based hedge fund he founded almost three decades ago.
The multimillionaire Conservative party donor is stepping down as co-chief executive of Odey Asset Management. He will launch a new fund within the company that focuses on the prospect of higher inflation.
The firm will also create a unit called Brook Asset Management, bringing together a group of existing funds that will be renamed, reported Bloomberg.
Timothy Pearey will become sole chief executive officer. He shared the role at the helm with Mr Odey for the past five years.
Mr Odey, 61, was charged with indecent assault in July and is facing a trial next year.
He pleaded not guilty at Westminster magistrates' court in September after being accused of groping a young female investment banker employee at his home address in Chelsea, in July 1998. A trial is set for Hendon magistrates’ court in February.
Mr Odey, a vocal Brexit supporter, has an estimated fortune of £825m alongside his British fund manager wife Nichola Pease. His European-focused fund is down about 23pc so far this year.
“I am very excited about my new inflation focused Fund, as so few people in the market are thinking this way," said Mr Odey in a statement.
"This provides great opportunity for investment, which now more than ever demands one’s full attention. The markets will continue to be very testing over the next few months as inflationary factors start to make themselves known.”