Guernsey has become the cornerstone of an offshore expansion for
a wealth management company.
Odey Wealth Management has recently celebrated the first
anniversary of its successful Odey Opportunity Fund, which was
launched just a few months after the company expanded to the
"The environment that has been created in Guernsey is very
business friendly and we have nothing but praise for Guernsey
Financial Services Commission who have supported our expansion. I
see offshore being a growing theme for Odey following the success
of our first year in business in Guernsey," said Odey's
Chief Executive Officer David Stewart.
The company was founded in 1991 by Crispin Odey with the aim of
focusing on absolute returns at a time when most fund managers were
embracing index relative returns. Over the last 18 years, the
company has expanded and assets under management at the end of
August 2009 totalled $6bn.
"Our focus is on performance rather than asset gathering.
We take a dogmatic and pragmatic approach and are intolerant of
losses. That is especially true in the current economic environment
where the outcomes are not going to be simple. In order to overcome
these challenges, you have to be nimble and exploit the
opportunities as they happen."
Over the last year the company has built up a solid client base
within the Channel Islands. As well as managing private portfolios
for clients, Odey has had particular success with its Odey
Opportunity Fund which had returned just under 11% for the year to
the end of August 2009.
"The uniqueness of this fund allows us to be flexible. We
are moving away from a world where clients are put into boxes. We
have taken back the responsibility so that we are able to move
clients' assets to protect and grow their wealth," said
Geoff Marson, Director and Portfolio Manager of Odey Investments
The Fund is also highly liquid, allowing both regular
subscriptions and redemptions with a very short notice period.
Although the Odey Opportunity Fund has performed well, Mr Marson
accepts that the outlook for the global economy remains
"We do not have a precedent for the scale of Government
monetary and fiscal intervention that we have seen recently,"
"If governments continue to intervene at the same levels
then we will stay on track towards recovery but if it's
derailed and expenditure is cut or taxes are raised then we could
be heading into a very different world. The key to success then
will depend on the approach that wealth managers take and we
believe that a flexible approach is of paramount
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