NEW YORK/LONDON, June 10 (Reuters) – Crispin Odey, one among Britain’s best-known hedge fund managers, can be leaving the corporate he based, Odey Asset Administration, following allegations of sexual misconduct, the agency’s govt committee mentioned on Saturday.
The Monetary Occasions and Tortoise, in a joint publication on Thursday, reported allegations by 13 girls that Odey had sexually assaulted or harassed them over a 25-year interval. He denies the allegations.
Odey and Duncan Lamont, a advisor at legislation agency Charles Russell Speechlys, which represents Odey Asset Administration (OAM), didn’t instantly reply to a Reuters request for remark concerning the hedge fund supervisor’s departure.
“As from at this time, he’ll now not have any financial or private involvement within the partnership,” OAM’s govt committee mentioned in a press release.
OAM will proceed to function with out him and his companions will management and handle the asset administration agency, the corporate mentioned. It added it has been investigating allegations regarding Odey, however can’t remark intimately as a result of it’s sure by authorized obligations of confidentiality.
The corporate plans to alter its title, in keeping with an individual with information of the discussions.
Odey instructed the FT on Saturday that he had been notified of the agency’s place, including: “You need to have (a) keen purchaser, keen vendor.” He didn’t elaborate.
For the reason that publication on Thursday three Wall Road companies which might be OAM’s so-called prime brokers — Goldman Sachs, JPMorgan and Morgan Stanley — had moved to assessment or have been chopping ties with the enterprise. A few of its shoppers mentioned they have been terminating enterprise with OAM due to the allegations.
As prime brokers, the banks assist facilitate its trades and supply leverage for bets, making their assist important.
JPMorgan and Goldman are persevering with to assessment their prime-broking relationships with the corporate, sources instructed Reuters on Saturday. Morgan Stanley declined to remark. UBS which additionally acts as a major dealer to the agency, didn’t instantly reply.
Odey, who was cleared of indecent assault prices by a British court docket in 2021, instructed Reuters on Thursday that the report was “a rehash of an previous article and not one of the allegations have been stood up in a courtroom or an investigation.”
A number one backer of Brexit and Conservative Celebration political donor, Odey based OAM in 1991.
Identified for extremely leveraged bets buying and selling world equities, debt and currencies, the agency had $4.8 billion in property beneath administration, in keeping with paperwork filed with the Securities and Trade Fee in September 2022.
British regulator, the Monetary Conduct Authority, has been investigating OAM since 2021, a supply aware of the state of affairs mentioned on Thursday. The regulator declined to remark when reached on Saturday.
Reporting by Carolina Mandl in New York and Nell Mackenzie in London; Extra reporting by Kirstin Ridley; Enhancing by Elisa Martinuzzi and Daniel Wallis
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