Odey profits halve as performance fees tumble

Performance fees drop from £19.2m to £60,000

Odey Asset Management saw pre-tax profits slump 55% from £46.7m to £21m for the year to 5 April 2017, as the company suffered a substantial drop in performance fees.

The firm reported turnover was down from £81.9m in 2016 to £47.5m, with the amount derived from the UK falling from £37.5m to £17.4m. However, the amount derived from the US increased slightly from £1.9m to £2.6m; the only area to see a rise. Profit for the year after tax and appropriations to members of subsidiary undertakings fell from £8.6m to £4.4m. The drop in turnover was caused by a substantial drop in performance fees, which fell from £19.2m to just £60,000 during the year. Management fees were down from £61.3m to £47.3m.   Odey AM assets more than halve to $5.5bn Odey (...