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Odey AM in “advanced discussions” to offload funds

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Odey Asset Management is in “advanced discussions” to sell off some of its funds and move staff to other asset managers in the wake of sexual misconduct allegations against founder Crispin Odey, according to a report by Reuters.

Odey Asset Management (Odey AM) is in “advanced discussions” to sell off some of its funds and move staff to other asset managers in the wake of sexual misconduct allegations against founder Crispin Odey, according to a report by Reuters.

The report cites a letter sent to investors and signed by the firm’s partners as revealing the ongoing negotiations, which have the support of the boards and managers of the funds involved. Any sale or rehousing of funds though, remains subject to relevant regulatory approvals and due diligence, according to the letter. 

Odey AM has already announced that one key fund – the Odey Swan Fund – is to close, while withdrawals from two others operated by subsidiary Brook Asset Management – the Brook Developed Markets Fund and the LF Brook Absolute Return Fund – have been suspended. Several major global banks, meanwhile, which provided prime brokerage services are to Odey AM, have reportedly either severed ties with the firm or are reviewing their relationships with the business following last week’s report by the Financial Times and Tortoise Media.

Crispin Odey, who has now departed OAM, has denied allegations of sexual assault or misconduct over a period of 25 years made against him by 13 women.
 

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