Odey Asset Management in advanced talks to move funds, staff to rivals

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LONDON (Reuters) -Odey Asset Management is in “advanced discussions” to move funds and staff to other asset managers, it told investors in a letter, after imposing exit curbs on key funds in the wake of sexual misconduct allegations against its founder, Crispin Odey.

Several major global banks which provided prime brokerage services are reviewing their relationships with the firm following a report by the Financial Times and Tortoise Media.

Odey has denied the allegations against him. A spokesperson for the hedge fund declined further comment on Thursday.

Any sale or rehousing of funds remained subject to relevant regulatory approvals and due diligence, the letter, signed by the firm’s partners said, adding that the boards and managers of the affected funds were “supportive” of the plan.

“Acting in the best interest of our investors and our staff has continued to be our primary concern over the past few days. We will continue to update you,” the letter said.