The chairman of Odey Asset Management is stepping back from some of his duties after two decades at the $11.7 billion hedge fund manager, which has also appointed one of its four-strong executive committee as deputy chairman – in a further shift of power to the firm's younger generation.

David Fletcher, who joined Odey in 1995 as chief executive to focus on business supervision and strategy, before switching to the chairmanship in July 1998, remains a partner and chairman at the hedge fund.