Odey Asset Administration – together with subsidiaries Brook Asset Administration and Odey Wealth – is to shut down following intercourse scandal accusations that engulfed its proprietor Crispin Odey earlier this 12 months.
The corporate introduced right now that it is going to be closing down and fund managers and funds moved to new asset managers.
In June the corporate introduced that it might be successfully dismantled following issues a couple of reported FCA investigation.
Additionally in June the manager committee of Odey Asset Administration LLP – the partnership which runs Odey AM – eliminated founder Crispin Odey from the partnership following allegations within the Monetary Occasions about Mr Odey and governance on the funding agency.
The FT reported allegations that Odey AM has been beneath investigation by the FCA for 2 years over plenty of points, together with strategies that founder Crispin Odey behaved inappropriately in the direction of 13 ladies over a 25 12 months interval.
Among the many fund managers and funds being moved or closed down:
James Hanbury and Jamie Grimston and the next funds have moved to Lancaster Funding Administration
- LF Brook Absolute Return Fund
- Brook Absolute Return IRL Fund
- Brook Developed Markets Fund
- Brook Absolute Return Focus Fund
- LF Odey Opus Fund
Oliver Kelton and the next funds have moved to SW Mitchell Capital
- Brook European Focus Fund
- LF Brook Continental European Fund
- Brook European Focus Absolute Return Fund
- Odey Pan European Fund
Odey Swan Fund is at present housed at SWMitchell because the remaining property are bought. The fund is within the means of totally closing.
Freddie Neave has moved to Bainbridge Companions.
Standing of the funds managed by Freddie Neave:
- Odey European Inc. shall be consolidated into a brand new fund run at Bainbridge Companions. Buyers who’ve opted in will transfer into the brand new fund.
- OEI Mac shall be consolidated into a brand new fund run at Bainbridge Companions. Buyers who’ve opted in will transfer into the brand new fund.
Geoffrey Marson and the Odey Alternative Fund have moved to Canaccord Genuity in Guernsey.
Adrian Courtenay and the Odey Particular Conditions Fund have moved to Inexperienced Ash Companions.
The Brook International Rising Markets Fund, managed by Sophia Whitbread and Mathieu Rachmaninoff, has closed and the LF Odey Portfolio Fund, managed by Peter Martin, has additionally closed.
Odey Asset Administration LLP itself is within the means of winding down. All funds have been transferred to new asset managers though workers are remaining to wind down the enterprise.
Odey Wealth Administration UK Ltd is within the means of winding down. Investor funds are being returned and/or transferred.
Odey Wealth Administration CI is within the means of winding down. Investor funds are being returned and/or transferred.
Mr Odey was discovered not responsible of indecent assault in 2021 in relation to an incident alleged to have taken place in 1998.
Odey Asset Administration CEO Peter Martin mentioned in June that the agency didn’t recognise the image of the enterprise portrayed by the FT. Nonetheless, he mentioned the agency was treating any such allegations “extraordinarily severely.”