Odey hedge fund in talks with brokers amid misconduct allegations
O
dey Asset Management has revealed it’s in “active discussions” with its dealer companions, after contemporary misconduct allegations revealed in opposition to its founder led banks to evaluation their relationship with the fund.
It adopted a report within the Financial Times (FT) – along with Tortoise Media – which included a number of allegations of sexual harassment or misconduct from girls who both labored on the hedge fund or had social or skilled dealings with its founder, Crispin Odey.
In a letter to buyers, seen by the PA news company, Odey Asset Management’s (OAM) chief govt Peter Martin stated: “We do not recognise the picture of the firm that has been painted by the Financial Times.”
For authorized causes, the agency stated it could not remark intimately on the allegations, which it stated its attorneys are wanting into.
We are in lively discussions with all service suppliers and we’re assured that our service suppliers will proceed to work with us to make sure that the pursuits of buyers are protected
Mr Martin added: “We are aware of press coverage relating to actions allegedly being taken by prime brokers and other service providers to OAM.
“While we cannot comment in detail (again for legal reasons), we are in active discussions with all service providers and we are confident that our service providers will continue to work with us to ensure that the interests of investors are protected.”
On Thursday, it emerged that the Financial Conduct Authority (FCA) is investigating the corporate and that banks are rethinking their relationships with the fund.
The American financial institution JP Morgan is known to be taking a look at its ties with OAM, whereas studies emerged that Morgan Stanley can be shifting to sever its prime broking relationship with the fund supervisor.
Both banks declined to remark.
The FT, citing a supply, reported that the FCA opened an investigation into OAM two years in the past. The FCA declined to remark.
The allegations contain 13 girls who declare that Crispin Odey 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.
Mr Martin stated OAM “treats, now and in the past, all such allegations extremely seriously”, including: “Staff wellbeing is also central to the culture of OAM’s business.”
The PA news company tried to contact Mr Odey on Thursday. Reached by the FT, he stated that the allegations have been “rubbish”.
Contacted by Reuters after studies 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 lady in 1998.
The decide within the case stated that his accuser’s story contained inconsistencies.