It’s been a tough year for hedge fund manager Crispin Odey.
2016 has melted his wealth, turning him from a billionaire to a multimillionaire.
Odey has seen his personal wealth fall £200 million ($287 million) to £900 million, according to the Sunday Times Rich List.
His salary from Odey Asset Management, which runs almost $11 billion (£7.4 billion) in assets, was also slashed from £31.8 million to £16 million as profits halved to £84 million in 2015.
And on Friday, the Financial Times reported that the value of his Odey European Fund dropped by 31.1% to mid-April as the market recovered in the first quarter of 2016. It’s a blow for the fund which launched in 1991 and has produced annualized returns of about 12.37% since its inception.
A spokesperson for Odey Asset Management wasn’t immediately available to comment.
In Odey’s OEI Mac fund’s February investment update, Odey slammed central banks for keeping interest rates at record lows, saying we’re in “no longer an investment market but a battlefield.”
“Several years of watching central banks watching central banks responding to ever falling productivity numbers by reducing interest rates have shown that they can effect asset prices with their actions, but that not only do they have almost no effect on economic activity, but they positively damage it,” Odey said.
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