Metropolis Watchdog investigating hedge fund amid claims in opposition to founder Crispin Odey
T
he Financial Conduct Authority is investigating Odey Asset Management (Odey AM) and banks are reviewing their relationship with the fund as a sequence of misconduct allegations have been printed in opposition to its founder.
The American financial institution JP Morgan is known to be its ties with Odey AM, whereas stories have emerged that Morgan Stanley can be shifting to sever its prime broking relationship with the fund supervisor.
Both banks declined to remark.
It comes because the Financial Times (FT), citing a supply, reported that the Financial Conduct Authority (FCA) opened an investigation into Odey Asset Management two years in the past. The FCA declined to remark.
Odey AM declined to remark.
Earlier within the day, the FT – along with Tortoise Media – stated that it had spoken to 13 girls who both labored for Odey AM or had social or skilled dealings with its founder, Crispin Odey.
They claimed that he had abused or harassed them, with eight of the 13 saying he sexually assaulted them.
The incidents occurred between 1998 and 2021, the FT reported after interviewing 40 former staff at Odey Asset Management.
The PA Nnws company had tried to contact Mr Odey. Reached by the FT, he stated that the allegations have been “rubbish”.
Contacted by Reuters after stories that Morgan Stanley was to chop again its prime broking relationship with Odey AM, Mr Odey stated: “That is a massively quick reaction to an allegation by the FT.”
Mr Odey has beforehand confronted related allegations. In 2021, he was acquitted of indecent assault of a girl in 1998.
The choose within the case stated that his accuser’s story contained inconsistencies.
Harriett Baldwin, a Conservative MP who chairs the Treasury Select Committee, stated: “The Financial Times has published an important piece of journalism and the range of women they have interviewed paints a troubling picture of an inappropriate work environment.
“I am sure investors and prospective investors in the funds, employees and prospective employees and the regulator will read this article with concern.”