Odey to launch wealth arm in UK

Crispin Odey, one of the highest-profile hedge-fund managers in the City, is to launch a new operation targeting wealthy individuals in Britain, after slamming the "raw deal" offered by the current crop of "bloated" wealth managers.

Mr Odey has hired Tim Bond, head of global asset allocation at Barclays Capital, and Peter Martin, head of investment management at Rothschild, to oversee the launch of Odey Wealth Management in the UK. Mr Odey said: "I'm calling an end to the raw deal served up by many providers in the wealth management industry."

Odey Asset Management, which launched in 1991 and manages $6bn (£3.75bn), profited from accurately predicting the bursting of the dotcom bubble in 2000, as well as the onset of the recent crisis.