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Funds News

CORRECTED-Crispin Odey steps back from running hedge fund

(Corrects paragraph four to remove reference to Brook)

LONDON, Nov 3 (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 said that it had created a new legal entity, Brook Asset Management, and would rename a number of funds under the Brook banner in the coming weeks.

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. (Reporting by Simon Jessop, Editing by Lawrence White)

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