James Hanbury and full investment team to move from Odey AM subsidiary Brook to Lancaster IM
'All our funds are now fully open and we have signed a binding agreement to move to Lancaster Investment Management.'
In his quarterly commentary, Hanbury sought to shift the conversation from the recent months' focus on allegations of sexual misconduct against founder Crispin Odey.
«We are incredibly sorry for the stress and uncertainty that clients have been exposed to in recent weeks and we are also extremely appreciative of the support and understanding that you have given us during this difficult time,» he wrote.
«On a forward-looking basis things feel very positive and exciting. All our funds are now fully open and we have signed a binding agreement to move to Lancaster Investment Management where a new tier 1 prime broker has agreed to service the funds.»
Link Fund Solutions completes wind-up of LF Odey Portfolio
In June, Odey AM said it was in advanced talks with Lancaster IM to hand over its global equity funds — namely LF Brook Absolute Return, Brook Absolute Return (IRL), Brook Developed Markets, Brook Absolute Return Focus and LF Odey Opus.
Hanbury said Q2 2023 «will be remembered for non-financial reasons», which have impacted the performance of most funds.
Commenting on the Brook Absolute Return Focus fund's performance, he noted it was down nearly 17% for the three months to the end of June, after reporting two strong quarters.
Following the Crispin Odey scandal at the beginning of June, he explained the fund was forced into a «public de-grossing» and had to reduce its equity book by around 80%, resulting in «material underperformance».
The long equity book lost nearly 13% over the period with negative alpha of 13.5%. The short equity book fared better, Hanbury said, as it detracted 3.3% with positive
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