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Odey suspends flagship hedge fund and one other following surge in redemption requests

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A surge in redemption requests from investors after the ouster of founder Crispin Odey following multiple allegations of sexual assault, has prompted Odey Asset Management to suspend two funds, including the firm’s flagship hedge fund, according to a report by Bloomberg.

A surge in redemption requests from investors after the ouster of founder Crispin Odey following multiple allegations of sexual assault, has prompted Odey Asset Management (Odey AM) to suspend two funds, including the firm’s flagship hedge fund, according to a report by Bloomberg.

The report cites letters from Odey AM to clients as revealing that the firm received withdrawal requests amounting to about 19% of the flagship Odey European Inc hedge fund and 35% of the OEI Mac Inc fund for their next dealing day on 3 July.

Odey AM reportedly wrote in the letter: “Given the level of requested redemptions, investor concentration and liquidity profile of the fund, the fund board has determined that it would not be in the best interests of the fund and its shareholders as a whole to continue to permit issues and redemptions of shares.”
 

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