Michael Nickson and Simon Todd have been hired to run the new Odey Global Allegra Fund which will  sit beside the £204 million ($322 million) Allegra European Fund and the £659 million ($1.4 billion) Allegra International Fund, the firm said in a statement.

Mr Todd invested across various global and European strategies at MFS. Prior to that, he worked for KPMG.

Mr Nickson, worked alongside Mr Todd on European strategies and co-managed MFS’ international research funds.

“This is a very successful team and we firmly believe that by giving them much less money to manage than in their former roles, it will give them an even greater opportunity to perform. We continue to invest in new talent at Odey…and now have a team of more than 30 investment professionals," said Crispin Odey, founder of Odey Asset Management.