Odey Asset Management (OAM) has put parts of the business up for sale in an attempt to limit the damage from the sexual misconduct allegations levelled at founder Crispin Odey.
In a letter to investors, the beleaguered fund manager said it was in advanced discussions to sell some of its funds and transfer staff to rivals to shore up its financial position after a rush of client money withdrawals.
No details on how much money had left the firm were given, but OAM has already gated two of its funds – Odey Swann and Brook Developed Markets.
A deal last week meanwhile saw the firm sell an 18.9% stake in white goods retailers AO World to Mike Ashley’s Frasers Group for £75mln.
Odey stepped down from the form at the weekend after the Financial Times reported that Odey was facing allegations of sexual assault or harassment from 13 women, all of which he denies.
In its letter, OAM said: "The firm is now in advanced discussions for rehousing funds and transferring certain fund management activities and individuals to other asset managers.
"Any sale or rehousing is considered subject of course to any relevant regulatory approvals and due diligence, with a view to an orderly transition of any assets and investors.
"The fund boards and managers are also appraised and supportive of this approach."
"Acting in the best interest of our investors and our staff has continued to be our primary concern over the past few days. We will continue to update you."