Odey Opportunity Fund moves to daily dealing
The Odey Opportunity Fund, managed on the island by Odey Wealth Management (C.I.) Ltd, has become a daily dealing fund.
Until now the fund has had a bi-monthly dealing structure and was registered in the Cayman Islands. It has now been moved to Ireland under the UCITS III regulatory regime and other changes include new hard currency Swiss Franc and Norwegian Krona share classes. There are no changes to the way that the fund will be managed.
The Fund is managed in Guernsey by Geoff Marson and has performed exceptionally well in challenging markets since its launch in June 2008. These changes will allow a wider range of investors to participate in its success.
‘The Fund was launched at the right time. Markets were very unstable and investors have become much more aware of the uncertainties that the future holds. They want to invest with a manager who is prepared to take action as events unfold rather than passively tracking the ups and downs of the stockmarket. The Odey Opportunity Fund brings together a portfolio that is conservative in its construction but is managed in a dynamic way and that appeals to today’s more demanding investor,’ said Richard Neville-Rolfe, Director and Head of Business Development at Odey Wealth Management (C.I.) Ltd.
‘The Odey Opportunity Fund is notable for its flexibility. Our focus has always been on performance as opposed to asset gathering and we have adopted a pragmatic approach to exploit opportunities as they happen. This has been extremely successful and these changes will make the Fund even more attractive.
‘Daily dealing will allow a higher level of transparency as clients will be able to see how their investment is performing on a daily basis. They will have more confidence through this increased visibility and because the fund is now within an onshore European Union regulated environment.’
Mr Neville-Rolfe added that Odey already has a number of other funds registered in Ireland through its London office.
‘Investors all over Europe can now access the Fund and UK residents can participate in a tax efficient way because gains will be taxed as capital rather than income for UK resident holders of the £ reporting shares. The fund’s minimum investment is now €1,000 which makes it more accessible to a wider group of people. We are confident that these changes will be of enormous benefit to the fund and its investors.’