Beleaguered hedge fund Odey Asset Management (OAM) is set to be broken up after being hit by an exodus of investors in the wake of sexual assault allegations against its founder Crispin Odey.
In a letter to investors today, the firm wrote it is in “advanced discussions” to shift its funds and transfer certain staff to other firms.
The news comes after it was forced to gate one of its funds and shutter another this week amid a wave of investors trying to pull their cash from the firm. A number of high profile banking partners have also severed their relationship with OAM.
The hedge fund said today it had become “clear that some investment management activities of the partnership are affected by recent events.”
“Given that, the firm is now in advanced discussions for rehousing Funds and transferring certain Fund management activities and individuals to other asset managers,” Odey bosses wrote.
“Any sale or rehousing is considered subject of course to any relevant regulatory approvals and due diligence, with a view to an orderly transition of any assets and investors.”
The news comes after Odey was accused of sexual misconduct by 13 different women in a Financial TImes investigation last week. He denies the allegations, saying they are “rubbish”.