Odey Asset Management looks to shut down wealth business

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Andrew Feinberg

White House Correspondent

Odey Asset Management plans to close down its wealth businesses after its eponymous founder stepped down amid a series of allegations against his behaviour.

The Financial Conduct Authority (FCA) said it is “aware” of the plan to wind down the wealth management unit and is working to ensure clients are treated fairly.

The Financial Times (FT) reported that the business is shutting in the UK and Guernsey, citing people familiar with the matter.

An FCA spokesperson said: “We are aware of Odey Wealth Management’s intention to wind-down the business. We will work closely with the firm as it winds down, to ensure clients are treated fairly.”

Odey Asset Management declined to comment.

Crispen Odey, who the firm is named after, left the hedge fund in June after a series of sexual harassment or misconduct allegations against him were published by the FT and Tortoise Media.

Mr Odey said at the time the allegations – which date from between 1998 and 2021 – were “rubbish”.

The FCA is investigating whether Mr Odey is a “fit and proper person” to work in financial services.

The hedge fund is navigating life without its founder.

In June, it told clients it was “in advanced discussions” to offload some of its activities and staff to other asset managers.

The issues were reportedly impacting the majority of its 4.4 billion US dollars (£3.6 billion) in assets under management.