Exits from Odey Investment Management continue apace, with fund manager Michele Ragazzi quitting the firm.
Wealth Manager understands the manager of the long/short Odey Giano European fund is taking his fund with him after leaving Crispin Odey’s (pictured) eponymous firm. He has registered a firm called Ethoses with the Financial Conduct Authority as an appointed representative of technology and infrastructure providers Quay Partners.
Over the past three years to the end of July, the Odey Giano European fund has returned 41.4% to investors, compared to the sector average of 30.7%.
Ragazzi joined Odey in 2007. He had previously been a partner and portfolio manager at Newman Ragazzi Partners, a company which he founded. Prior to that, he was responsible for the management of Giano Capital Limited at Park Place Capital.
Ragazzi’s departure comes after fellow former Odey fund manager Markus Rezny, left the firm in 2016 and launched his boutique firm Glockner Capital Management, also under Quay.
Ragazzi did not respond to a request for comment at the time of writing.
His exit is one of a number from Odey this year.
In July, partner and director of trading at Odey, the Honourable Ralph Beckett, whose late father was the 4th Baron Grimthorpe, left the firm.
Also in July, former Odey Wealth investment director, James Barton, quit the firm to join Featherstone Investment Partners, a West Berkshire-based family office, to open it up to private clients. Fellow Odey alumnus Chris Stewart joined him.
Meanwhile. Camilla Tamworth, an equity analyst, left the firm as well, to join Freddie Lait, who set up on his own firm after leaving Odey. She is working alongside him on his Latitude Horizon fund.
Last year was a difficult one as earnings plunged on the back of a massive slump in performance fees. The hedge fund boutique saw profit dive from £44.23 million in 2016 to £18.6 million in the 12 months to 5 April 2017.