The fund's objective is to produce attractive returns with low volatility. It will:

* Invest and trade in a variety of global currencies, interest rates and related instruments.

* Use a combination of trading strategies with varying time horizons, from short-term technical opportunities to longer term macro trades.

Targeted at Odey's traditional investor base of discretionary fund managers, international private bankers and offshore investors, the fund provides investors with an attractive alternative to equity based funds.

David Fletcher, Chairman, said: "We are already active traders of currencies and rates as part of our equity based funds. Richard's focus on this area as a separate asset class will make an attractive investment product in its own right, as well as adding to our macro and trading skills more generally."

David Helm, Marketing Director, said: "Richard has an excellent track record as a proprietary trader achieving consistent returns with limited volatility. This product will fit extremely well with our existing five hedge funds."

Background Note: Odey Asset Management is one of Europe's longest standing long/short fund managers, managing USD 1.2bn, about 50-50 in conventional and hedge strategies.

Copyright Hedgeweek 2003