Orlando Montagu, deputy chair and long-standing partner at Odey, has quit to focus on running his family’s gourmet sandwich business.

According to Bloomberg, he will run Florida-based business Earl of Sandwich, founded by his father, John Edward Hollister Montagu, the 11th Earl of Sandwich.

Montagu, who sits on Odey Asset Management’s executive committee, is set to leave at the end of March, having joined the firm in 2001.

The family are direct descedents of John Montagu, the 4th Earl of Sandwich, apocryphally said to have invented the bread-based meal in the 18th century.

Montagu said: ‘The timing feels right. Crispin is performing well, clients are making money and the Odey team is upbeat.’

According to a study from HSBC's annual investment group released this week, the Odey European fund returned 53% last year.

It was a dramatic reversal of fortune for the Odey European fund, which dropped 20.5% in 2017, as aggressively bearish bets on the UK economy backfired.

In October, manager of the long/short Odey Giano European fund Michele Ragazzi also left the firm to head his own business, Ethoses, an appointed representative of technology and infrastructure providers Quay Partners.

Ragazzi’s departure came after fellow former Odey fund manager Markus Rezny left the firm in 2016 to launch his boutique Glockner Capital Management, also under Quay.