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Odey AM to reopen Brook Developed Markets Fund

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Embattled hedge fund firm Odey Asset Management has written to investors saying it is planning to lift the suspension of investment withdrawals from its Brook Developed Markets Fund, according to a report by Reuters.

Embattled hedge fund firm Odey Asset Management (Odey AM) has written to investors saying it is planning to lift the suspension of investment withdrawals from its Brook Developed Markets Fund, according to a report by Reuters.

The report cites a letter seen by Reuters as confirming the move as Odey AM struggles to deal with the fallout from allegations of serious sexual misconduct made against the firm’s founder Crispin Odey last month.

The Brook Developed Markets funds was one of a number of Odey AM funds gated amid fears of an investor exit when news of the allegations broke and Odey was subsequently ousted from the firm.

As well as reinstating redemptions from the Brook Developed Markers Funds, Odey also said in the investor letter that it would accept “applications for subscription and conversion of shares” no later than 2 pm (1300 GMT) on 7 July, which would be processed by 10 July.

Any requests submitted during the suspension period will be processed automatically, according to the letter.
 

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