Odey Asset Management is winding down a second fund – the LF Odey Portfolio Fund, which was suspended earlier this month – because of mounting redemption requests from investors stemming from the multiple allegations of sexual assault made against founder Crispin Odey, according to a report by Bloomberg.
Odey Asset Management is winding down a second fund – the LF Odey Portfolio Fund, which was suspended earlier this month – because of mounting redemption requests from investors stemming from the multiple allegations of sexual assault made against founder Crispin Odey, according to a report by Bloomberg.
The report cites a letter on the website of the firm’s administrator Link Fund Solutions, as confirming the move which follows the earlier closure of the Odey Swan Fund.
“Due to the level of expected redemptions the investment manager is aware of should the sub-fund reopen, and there being no reasonable expectation of foreseeable growth for the sub-fund, it is now in the best interests of all shareholders for the sub-fund to be terminated,” Link Fund Solutions Ltd informed its clients. Cash will be returned to investors “at the earliest opportunity.”
According to Reuters, the fund managed £96 million ($121 million) at the end of May.
