LONDON, June 16 (Reuters) – Odey Asset Administration has suspended additional funds after elevated investor redemptions, letters posted on the fund’s web site confirmed.
The hedge fund, as soon as run by considered one of Britain’s greatest recognized star managers, Crispin Odey, has grappled with investor flight after the founder turned the main target of sexual misconduct allegations in media stories final week.
The Monetary Instances and Tortoise Media, in a joint publication on June 8, reported allegations by 13 ladies that Odey – considered one of Britain’s best-known hedge fund managers – had sexually assaulted or harassed them over a 25-year interval.
The agency suspended buying and selling within the Odey Particular Conditions and LF Odey Portfolio funds, after traders sought redemptions, two letters dated June 15 on the agency’s web site stated.
A spokesperson for OAM on Friday declined to touch upon the suspended funds.
Odey final week instructed Reuters that the report was a “rehash of an previous article and not one of the allegations have been stood up in a courtroom or an investigation.” Odey has since declined calls and messages.
Inside hours of that report being printed, Wall Avenue companies together with Goldman Sachs (GS.N), JPMorgan (JPM.N) and Morgan Stanley (MS.N) started reviewing financing ties with Odey Asset Administration (OAM), which they then went on to chop.
OAM is now breaking apart its funds and workers are shifting to rivals following the allegations.
Bloomberg first reported the information.
Reporting by Nell Mackenzie; edited by Dhara Ranasinghe and Louise Heavens
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