Odey hands Al-Chalabi fund to new hire Kelton

Odey Asset Management is to pass its £217m Continental European fund to ex-Waverton manager Oliver Kelton.

The asset manager is to transfer management of the fund next month, taking advantage of Kelton's long-only expertise and allowing existing manager Feras Al-Chalabi to focus on his long/short strategy. Kelton (pictured) joined the company in March, bringing his top-performing £1.1bn Waverton European fund with him as part of a sub-advisory agreement between his former and current employers. Kelton will become the fourth manager in the portfolio's history, Crispin Odey having run the portfolio between 1997 and 1999 before handing over to Hugh Hendry. The latter ran the fund for six year...