Odey Asset Management to Shut down After Sexual Assault Allegations Against Founder

​Odey Asset Management is to close five months after allegations of sexual assault and harassment against its founder, Crispin Odey, plunged one of London’s oldest hedge fund groups into crisis.

The firm, which the 64-year-old founded in 1991, announced on its website on Tuesday: "Odey Asset Management, including Brook Asset Management and Odey Wealth, will be closing. Fund managers and funds have moved to new asset managers."

The firm has been engulfed in crisis since a Financial Times investigation in June reported claims from 13 women against Odey over alleged sexual misconduct carried out over decades.

The hedge fund mogul and Conservative party donor was widely considered one of the last mavericks of London's hedge fund scene.

The allegations prompted key banking partners to quickly sever ties with the group and investors to pull their money, forcing the firm to suspend certain funds and shut others. The group managed $13.3bn in assets at its peak and still ran $3.8bn last year.

The firm's partners ousted Odey from the business he founded, and the group left its longstanding Mayfair office in August.

The UK financial regulator opened probes into both the firm and its founder.

Following publication of the FT's initial investigation, seven further women came forward with similar allegations, bringing the total number to 20. Of those, 12 were former employees of the firm.

The financier strenuously denied the first set of allegations and did not respond to a request for comment regarding the next six women’s accusations.

He first admitted an incident of misconduct when the 20th woman came forward to the FT with her account in September.

(Source: Financial Times)