Odey Asset Management is in “advanced discussions” about selling or rehousing funds in the aftermath of high-profile allegations made against its founder.
In a statement, the firm said that the decision had been made as some investment activities had been affected by “recent events” after the former head of the firm, Crispin Odey, was ousted by other partners last week amid allegations of sexual misconduct.
Odey was at the centre of an investigation conducted by the Financial Times and Tortoise Media, reporting allegations from 13 women that the fund manager had assaulted or harassed them, with accusations spanning a 25-year period.
His exit means the partnership is now owned and controlled by the remaining partners and is managed as an independent legal entity.
In its statement, London-based Odey AM said it was in “constructive dialogue” with service providers and key counterparties and that the sale or rehousing of funds was supported by the regulatory bodies and fund boards.
It added that any sale or rehousing would be subject to the relevant regulatory approvals and due diligence “with a view to an orderly transition of any assets and clients”.
The letter ended: “Acting in the best interest of our investors and our staff has continued to be our primary concern over the past few days. We thank you for your feedback and continued support.”
Several of Odey AM’s funds have been closed or gated since the report, and several financial institutions cut ties with the firm when the allegations were published, including Morgan Stanley and Goldman Sachs.
In a previous statement, Odey AM said that it is investigating the claims made against Odey but cannot comment on the confidential process, although it said that it took allegations of misconduct “extremely seriously” and had “robust policies and procedures” in place.
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