Odey soft-closes Hanbury's UK Absolute Return fund

Odey Asset Management is to soft-close James Hanbury's top-performing £629m UK Absolute Return fund next week, Investment Week can reveal.

The fund, the best performing product in the IMA Targeted Absolute Return sector over both one and three years, will levy a 4% initial charge on all investments into the fund as of 10 July. Odey - founded by hedge fund star Crispin Odey (pictured) - said the move has been made to deter new investment and protect performance for its existing unitholders. "As with all our products we manage our strategy to capacity. Protecting performance is our prime consideration rather than running a large fund," said a spokesperson for the group. The fund takes a variety of long and short equity ...