Odey Asset Management confirms winding down after sexual harassment scandal
Odey Asset Management announced on Tuesday that it will be closing in wake of sexual harassment claims made against its founder.
The asset manager, once of the largest hedge fund companies in Europe, said that all its funds and managers have been moved to new asset managers.
It added that its staff are to remain and it will make sure its investors are “looked after”.
The decision to wind down the business comes months after the Financial Times published an investigation into the firm’s founder, Crispin Odey, in which thirteen women accused the boss of sexual assault and abuse.
Mr Odey denies these claims, which date from between 1998 and 2021. However, he did admit to one incident of misconduct.
Responding to one of the complaints, Mr Odey told the Financial Times: “The girl concerned did work for me in 2005 and I did grab her breasts and it was reported and investigated… I had just come back from having two hours [of] canal root fillings and was under heavy medication.”
The Financial Conduct Authority (FCA) began investigating whether Mr Odey is a “fit and proper person” to work in financial services back in July. The regulator said it was also looking at whether Mr Odey had failed to comply with its conduct rules on integrity, care and diligence.
In recent months, Odey has shut down various units, fuelling speculation it would wind down completely. In June, it told clients it was “in advanced discussions” to offload some of its activities and staff to other asset managers.