Odey bids to promote funds as fallout over founder’s misconduct scandal deepens

Odey Asset Management (OAM) has instructed buyers it’s in “advanced discussions” to doubtlessly promote funds and transfer workers to rivals amid the fallout from the scandal engulfing its founder.

Odey Asset Management (OAM) revealed final weekend that it was within the technique of changing Crispin Odey’s actions within the enterprise and that he had left the partnership after being accused by a newspaper of historic sexual misconduct.

Sky News has since reported on proof of a scramble to shore up the enterprise by way of asset gross sales, revealing a £75m deal to promote OAM’s holding in AO World to Mike Ashley-founded Frasers Group.

While the quantity of shopper redemptions at OAM is unclear, the investor replace indicated a dangerous place.

It had already moved to halt withdrawals from two of its funds and closed one other.

The first indicators of bother emerged final week, after the Financial Times and Tortoise Media revealed their claims towards Mr Odey, when a number of main world banks stated they have been reviewing their funding relationships with OAM.

He has strenuously denied allegations that he sexually assaulted or harassed 25 women over a 25-year interval.

The OAM letter stated: “The firm is now in advanced discussions for rehousing funds and transferring certain fund management activities and individuals to other asset managers.

“Any sale or rehousing is taken into account topic in fact to any related regulatory approvals and due diligence, with a view to an orderly transition of any belongings and buyers.

“The fund boards and managers are also appraised and supportive of this approach.”

It concluded: “Acting in the best interest of our investors and our staff has continued to be our primary concern over the past few days. We will continue to update you.”