Odey Asset Administration to shut after sexual misconduct allegations towards founder | Hedge resources

Odey Asset Management is closing down, 5 months immediately after allegations of sexual misconduct designed by junior woman members of personnel towards its founder Crispin Odey threw the hedge fund into turmoil.

The organization mentioned on its web page: “Odey Asset Management [OAM], together with Brook Asset Administration and Odey Prosperity, will be closing. Fund administrators and money have moved to new asset managers.”

Previously this month, the financial investment team, started by the multimillionaire Conservative occasion donor 32 a long time back, explained its prosperity administration arm would be wound down.

In June, the Economical Moments claimed that 13 women of all ages had accused Odey of abuse or harassment above decades. Odey has denied misconduct.

OAM ousted Odey, and taken off his identify from the enterprise, in the hope that this would stem unrest among traders and economic associates. On the other hand, it later on introduced it would be broken up as traders commenced to withdraw their funds. Several influential fiscal establishments, which include Schroders and Canada Lifestyle, slash their ties with the group soon immediately after the allegations were being discovered.

The FT stated that right after its first investigation seven other females approached it with allegations of sexual misconduct, bringing the complete quantity to 20, of whom 12 ended up former personnel of the business.

At its peak various many years ago, OAM had $13.3bn (£11bn) assets below management, which experienced fallen to $3.8bn last 12 months.

Senior executives at the small business ended up accused of being aware of about some of the sexual misconduct allegations for up to 16 many years ahead of the business launched a formal investigation into Odey’s carry out.

The OAM chief govt, Peter Martin, mentioned in June that “OAM treats, now and in the previous, all this kind of allegations really seriously” and it did “not recognise the image of the business that has been painted by the Financial Times”.

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