Odey Asset Management’s wealth business is set to close and return all its assets to its clients, with the winding up coming in the wake of its founder Crispin Odey being accused of sexual misconduct.
Affecting operations in both Guernsey and the UK, the Financial Conduct Authority (FCA) said: “We are aware of Odey Wealth Management’s intention to wind down the business. We will work closely with the firm as it winds down, to ensure clients are treated fairly.”
In June, the FT revealed an investigation in which 13 different women provided detailed allegations of sexual assault and harassment against the investment firm's founder.
Since the accusations, funds have been suspended, the firm’s Mayfair offices have been vacated and Odey himself has been removed from the firm he founded around 30 years ago.
Odey Wealth, established in Guernsey in 2008 and later in London in 2010, provides investment advisory services and operates as part of the Odey Group, which is also the parent company to Odey Asset Management and Brook Asset Management.
With a number of leading brokers severing ties with the group, the FCA also imposed restrictions on Odey Wealth and its parent company, including close regulatory scrutiny of their financial activities through the review of bank accounts and the requirement of regulatory approval for “extraordinary” payments of more than £20,000.
Following the initial 13 women coming forward, six more alleged Odey had sexually harassed or assaulted them and despite the fund manager’s denial of allegations from numerous women, last month, when the 20th woman came forward, he admitted to an incident of sexual misconduct, attributing it to the after-effects of dental anaesthesia.