The leading European equity manager on a three-year basis, Oliver Kelton, is set to join Odey Asset Management under a partnership agreement with his current firm, Waverton Investments.
The Citywire AAA-rated manager will join Odey’s investment team in March.
Under the terms of the deal, Kelton will continue to run the Waverton European fund, which he has managed since April 2010. He will retain the same clients, approach and process.
This fund is currently the best performing of the 903 European equity funds in the Citywire database with a three-year track record.
It has returned 120.7% over this timeframe, while its benchmark, the FTSE World Europe TR EUR, rose 57.5% over the same period.
Commenting on the appointment, Crispin Odey, founder of Odey Asset Management, said: ‘It is a tribute to Odey that an investor of Ollie’s calibre wants to join us.
‘He is unquestionably a great stock picker and a brave investor and, like most of us here, he is furiously competitive about performance. I know he will add a lot to the debate here.’
Kelton, who has been with Waverton for 14 years, said the move was beneficial as Odey’s existing infrastructure would help the fund to adapt to its increased size, which recently reached €1.5 billion.
The change in roles for Kelton marks the second high-profile European equity manager to move to a new firm but retain control of his fund.
It follows Richard Pease leaving Henderson Global Investors in October of last year but retaining his Henderson European Special Situations fund under an arrangement with his new employer Crux Asset Management.