Crispin Odey stepped down as co-CEO of Odey Asset Management and will focus on running assets at the firm.
Mr. Odey's co-CEO, Tim Pearey, will run the firm as sole CEO, according to a source familiar with the situation.
Mr. Odey founded the hedge fund firm in 1991.
He will run a new strategy focusing on capital preservation in a high-inflation environment, a statement by the firm said Tuesday. The firm is also creating a new regulated unit, Brook Asset Management, which will be part of the Odey Group and house new "Brook" strategies, initially by the renaming of existing funds. The unit is subject to FCA approval.
"I have always had a dedicated, professional team to manage the business, and this feels the appropriate time to relinquish sharing that responsibility in favor of focusing on investment and nurturing investment talent," Mr. Odey said in the statement. "I founded OAM in 1991 as the antithesis to committee-based investment management. I have always believed that investment talent should be organized like barristers' chambers, where different principals can work together fruitfully, sharing ideas and resources, whilst operating independently."
Mr. Pearey said in the same statement that executives have been planning for the next phase of Odey Asset Management's development "for some time, while always mindful of fostering and maintaining the investment led and performance driven culture, that has driven its success these past three decades."
Odey Asset Management's AUM was not available.
