Misconduct Allegations Lead to Closure of Odey Asset Management

One of the UK’s best-known hedge funds announced on Tuesday that it was closing down, less than six months after its founder was ousted for alleged misconduct, Reuters reported.

In a statement on its website, Odey Asset Management announced it was closing and said all of the funds, including the funds of its subsidiaries Odey Wealth and Brook Asset Management, and fund managers are being transferred to other asset management companies.

The hedge fund said some staff will remain to ensure investors are “looked after” and to wind down its operations.

Crispin Odey, who founded Odey Asset Management in 1991, was ousted in June after 13 women accused him of assault or harassment. Odey denies the allegations.

The Odey Asset Management website details where each fund manager would be moving or if their fund was closed without first finding an alternative asset management company.

According to the website, fund managers Jamie Grimston and James Hanbury and the accounts they managed were moving to Landcaster Investment Management while Oliver Kelton and the funds he managed were being transferred to S.W. Mitchell Capital.

Freddie Neave, who manages Odey European, Inc., is now with Bainbridge Partners and the fund he managed has been incorporated into a new fund at Bainbridge.

Adrian Courtenay and the funds he managed have moved to Green Ash Partners while Geoffrey Marson has been moved to Canaccord Genuity.

The website did not say where Sophia Whitbread, the only female fund manager listed at Odey Asset Management, would be moved.

Likewise, the website did not name an asset management company for Peter Martin, the man named interim chief executive after Crispin Odey was ousted.