dey Asset Management has halted redemptions in two funds and closed one other as investors head to the exits within the wake of sexual assault accusations in opposition to the agency’s founder Crispin Odey.
The Odey Swan Fund has been shut down, whereas traders are not in a position to redeem their investments within the Brook Developed Markets Fund and the LF Brook Afternoon fund.
The halting of redemptions got here because the variety of traders pulling out exceeded 10% of the fund’s value.
Odey Asset Management has offered nicely over £100 million value of shares prior to now two days as traders regarded to money out, together with most notably promoting a £75 million stake in AO World to Mike Ashley’s Frasers Group.
The spate of traders seeking to withdraw their funds follows stories within the Financial Times final week during which a number of girls accused Crispin Odey of sexual harassment or assault. He advised the FT that “none of the allegations have been stood up in a courtroom or an investigation”.
Following the stories, Odey Asset Management eliminated Crispin Odey as a associate and stated he would not have “any economic or personal involvement” within the hedge fund.
It comes as JP Morgan has additionally reportedly turn into the final of the foremost banks to chop ties with the scandal-hit agency because it comes below mounting strain within the wake of sexual assault and harassment allegations in opposition to Mr Odey. Morgan Stanley, Goldman Sachs and Exane all severed their ties with Odey Asset Management final week.
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