Scandal-hit Odey Asset Management has suspended its main fund amid a tidal wave of requests from investors looking to pull money from the firm.
“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,” the firm told investors on Tuesday.
This is due to “the level of requested redemptions, investor concentration and liquidity profile of the fund,” it added.
According to Bloomberg, Odey’s European Inc hedge and OEI Mac funds, which have both been suspended, faced a wave of investors looking to pull money out after allegations were made against the firm’s founder.
Investors sought to pull the equivalent of roughly 19% and 13% of the two funds’ values respectively.
Crispin Odey was accused of sexual misconduct by 13 women earlier in June, prompting him to leave the firm while denying any wrongdoing.
Odey Asset Management is currently in the process of breaking itself up following the allegations, but has been restricted from selling assets to shore up balance sheets by the UK’s Financial Conduct Authority.
Crispin Odey has not faced any criminal proceedings, though large lenders such as Goldman Sachs (NYSE:GS), JPMorgan Chase & Co (NYSE:JPM) and Morgan Stanley (NYSE:MS) have all cut ties with him in recent weeks.