Odey Asset Management, one of the oldest hedge fund managers in the UK, recorded a 58% fall in turnover to £24m (€34m) in 2006 after its flagship Odey European fund lost 1% and one of its Japan funds lost 10% in the year.

Turnover, comprising management fee and performance fee income, fell from £59.9m to £23.8m for the year ended 5 April 2007, according to the financial statements of Odey Asset Management Group Limited, which have just been published at Companies House.