Profits at Crispin Odey’s $7bn Odey Asset Management dipped slightly last year on the back of reduced performance fees. Its flagship hedge fund posted double-digit losses in 2011.

Retained profits available for discretionary division among members were £26m for the 12 months to April 5, according to the group's most recent accounts filed with Companies House. This figure was down from £33.4m a year previously.