Crispin Odey to go away hedge fund he based after assault allegations By Reuters

3 views 9:16 am 0 Comments June 11, 2023

© Reuters. FILE PHOTO: Britain’s Crispin Odey leaves Westminster Magistrates Courtroom in London, Britain September 28, 2020. REUTERS/Hannah McKay

By Carolina Mandl and Nell Mackenzie

NEW YORK/LONDON (Reuters) -Crispin Odey, certainly one of Britain’s best-known hedge fund managers, will likely be leaving the corporate he based, Odey Asset Administration, following allegations of sexual misconduct, the agency’s govt committee stated on Saturday.

The Monetary Occasions and Tortoise, in a joint publication on Thursday, reported allegations by 13 girls that Odey had sexually assaulted or harassed them over a 25-year interval. He denies the allegations.

Odey and Duncan Lamont, a guide at legislation agency Charles Russell Speechlys, which represents Odey Asset Administration (OAM), didn’t instantly reply to a Reuters request for remark in regards to the hedge fund supervisor’s departure.

“As from as we speak, he’ll not have any financial or private involvement within the partnership,” OAM’s govt committee stated in a press release.

OAM will proceed to function with out him and his companions will management and handle the asset administration agency, the corporate stated. It added it has been investigating allegations regarding Odey, however can’t remark intimately as a result of it’s certain by authorized obligations of confidentiality.

The corporate plans to alter its title, in response to an individual with information of the discussions.

Odey instructed the FT on Saturday that he had been notified of the agency’s place, including: “It’s important to have (a) prepared purchaser, prepared vendor.” He didn’t elaborate.

For the reason that publication on Thursday three Wall Road companies which can be OAM’s so-called prime brokers — Goldman Sachs (NYSE:), JPMorgan (NYSE:) and Morgan Stanley (NYSE:) — had moved to evaluation or have been slicing ties with the enterprise. A few of its purchasers stated they have been terminating enterprise with OAM due to the allegations.

As prime brokers, the banks assist facilitate its trades and supply leverage for bets, making their assist important.

JPMorgan and Goldman are persevering with to evaluation their prime-broking relationships with the corporate, sources instructed Reuters on Saturday. Morgan Stanley declined to remark. UBS which additionally acts as a primary dealer to the agency, didn’t instantly reply.

Odey, who was cleared of indecent assault prices by a British courtroom in 2021, instructed Reuters on Thursday that the report was “a rehash of an previous article and not one of the allegations have been stood up in a courtroom or an investigation.”

A number one backer of Brexit and Conservative Occasion political donor, Odey based OAM in 1991.

Recognized for extremely leveraged bets buying and selling world equities, debt and currencies, the agency had $4.8 billion in property beneath administration, in response to paperwork filed with the Securities and Trade Fee in September 2022.

British regulator, the Monetary Conduct Authority, has been investigating OAM since 2021, a supply acquainted with the state of affairs stated on Thursday. The regulator declined to remark when reached on Saturday.

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