Odey Asset Management has been forced to suspend two further hedge funds following a surge of redemption requests.
The firm has suspended its flagship hedge fund Odey European Inc, which holds £175 million in assets under management, and the OEI MAC Inc Fund, which has £232 million in assets.
Approximately 19% of the Odey European Inc and 35% of the OEI Mac Inc Fund have been hit by withdrawal requests for their next dealing days on July 3.
As a result, the board of directors for both funds determined it was in the best interest of the fund and its shareholders to suspend the fund.
Previously the firm’s founder Crispin Odey served as portfolio manager to both hedge funds before Freddie Neave was appointed as his replacement.
The suspension of funds follows the removal of Odey as a partner in the firm amid allegations of sexual misconduct from 13 women.
Following the allegations, the UK’s Financial Conduct Authority restricted cash and asset movements at the firm and removed Odey from the regulator’s register of approved persons.
The Odey European Inc and OEI MAC Inc Fund are the latest funds to be suspended in the aftermath of the allegations against Odey.
The LF Brook Absolute Return, Brook Developed Markets, LF Odey Portfolio and Odey Special Situations fund have also been suspended following mass redemptions.
The Odey Swan fund is also set to be closed.
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