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Odey Asset Management is closing one of its funds and stopping redemptions from two others after investors rushed to withdraw their money following sexual misconduct allegations against the London-based hedge fund’s eponymous founder.
OAM has suspended dealing in the Odey Swan fund, which is an open-ended fund, and will redeem investors by September 4, according to a letter dated Monday, Bloomberg and the Financial Times reported. Withdrawals have been stopped from the Brook Developed Markets Fund and the LF Brook Absolute Return Fund, vehicles managed by OAM’s Brook Asset Management subsidiary, the Bloomberg report added.
The firm did not respond to MarketWatch’s calls.
The moves come as JPMorgan became the last of the big banks to end its relationship with OAM, according to the Financial Times.
Crispin Odey, a well known financier in the City of London, famous for betting against the banks at the start of the global financial crisis, and a high profile backer of Brexit, was forced out of OAM by the firm’s partners over the weekend after the Financial Times reported last week that 13 women alleged Odey had sexually assaulted or harassed them in various incidents over a 25-year period.
Members of Parliament have said they will question next month executives of the Financial Conduct Authority, the financial regulator, about its handling of previous sexual misconduct allegations at the hedge fund.
