Crispin Odey leaving hedge fund following sexual abuse claims
The asset management firm said Mr Odey no longer has ‘economic or personal involvement’ in the partnership
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Your support makes all the difference.The millionaire hedge fund manager and Conservative party donor Crispin Odey is to leave his eponymous asset management firm following a series of sexual abuse and harassment allegations.
In a statement on Saturday, the executive committee of Odey Asset Management said Mr Odey will “no longer have any economic or personal involvement in the partnership”.
The move was announced after a number of businesses had started to sever ties with the firm following reports of alleged misconduct by Mr Odey.
The Financial Times (FT), together with Tortoise Media, reported several allegations of sexual harassment or misconduct from women who either worked at the firm or had social or professional dealings with Mr Odey.
The statement, signed by chief executive Peter Martin and chief financial officer Michael Ede, said the firm investigated the allegations concerning Mr Odey but “cannot comment in detail as it is bound by legal obligations of confidentiality”.
As from today, he will no longer have any economic or personal involvement in the partnership
The statement said: “We, the executive committee of Odey Asset Management LLP, are announcing that Mr Crispin Odey is leaving the partnership.
“As of today, he will no longer have any economic or personal involvement in the partnership.
“Odey Asset Management Group Ltd will also cease to be a member and the partnership will now be owned and controlled by the remaining partners and managed as an independent legal entity.
“As we have said previously the executive committee takes all allegations of misconduct extremely seriously. The firm has robust policies and procedures that have been followed at all times.
“The firm has been investigating allegations concerning Mr Odey, but the firm cannot comment in detail as it is bound by legal obligations of confidentiality.”
The allegations involve 13 women who claim that Mr Odey abused or harassed them, with eight of the 13 saying he sexually assaulted them.
The alleged incidents happened between 1998 and 2021, the FT reported, after interviewing 40 former employees at Odey Asset Management.
In a statement to the FT, Mr Odey described the claims as “rubbish”.
On Thursday it emerged that the Financial Conduct Authority (FCA) is investigating the company and that banks are rethinking their relationships with the fund.
On Friday, asset manager Schroders cut ties with OAM and sold its remaining investment in the business, following the allegations.
The firm said on Saturday it has been “fully transparent with the regulator and kept them informed throughout this process”.