The agency based by scandal-hit City titan Crispin Odey is to shut after a newspaper revealed allegations of sexual assault and harassment in opposition to him.
A discover posted on the Odey Asset Management (OAM) web site on Tuesday stated the funding service might be shutting down, with funds and fund managers shifting to new funding managing corporations.
The enterprise confronted a spread of obstacles within the wake of the investigation by The Financial Times, together with a probe by the finance regulator, the severing of ties by banking companions and prospects pulling out their cash.
At its peak, OAM managed $13.3bn (£10.94bn), with $3.8bn (£3.12bn) below its management final yr.
Financial Conduct Authority (FCA) probes are below method into OAM and Mr Odey.
Work on shifting funds and workers had been going down because the publication of allegations in opposition to Mr Odey in June.
Mr Odey, who’s believed to be value a whole bunch of thousands and thousands of kilos, has strenuously denied the claims.
The agency is now in superior discussions for rehousing funds and transferring sure fund administration actions and people to different asset managers”, Mr Odey stated.
OAM was additionally already within the technique of changing its founder’s capabilities within the enterprise, having introduced he left the partnership after being accused of sexual misconduct.
The Financial Times – along with Tortoise Media – stated it had spoken to 13 ladies who claimed they had been abused or harassed by the 64-year-old fund supervisor.
The alleged incidents occurred between 1998 and 2021 and concerned ladies who had both labored for Odey Asset Management or had skilled dealings with Mr Odey.
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Mr Odey stepped down as co-chief govt of OAM through the COVID-19 pandemic however remained a big shareholder.
In 2021, he was discovered not responsible in a courtroom case through which he was accused of an indecent assault which allegedly occurred in 1998.
It is known Mr Odey, who’s a donor to the Conservative Party, has been married 3 times and has three youngsters.
Source: information.sky.com”