Barclays is seeking to terminate its corporate banking relationship with Odey Asset Management, according to reports.
It is just the latest company to seek to distance itself from the firm following allegations of sexual assault and harassment made against founder Crispin Odey. He denies the allegations.
Goldman Sachs, Morgan Stanley, Exane and Schroders have all called time on their various business relationships with Odey since the scandal erupted last month. JP Morgan is reportedly reviewing its dealings with the asset manager.
Investment platforms which had been selling Odey funds including Hargreaves Lansdown, AJ Bell and Halifax’s platform have been in contact with the FCA regarding ceasing to offer the funds to customers.
See also: Odey AM in ‘advanced talks’ to transfer funds to SW Mitchell Capital
Odey Asset Management is essentially undergoing a break-up, with various funds being transferred over to other firms. Last week it emerged that Odey is in talks with investment boutique SW Mitchell Capital regarding the transferral of four European equity funds.
CFO and COO Michael Ede Brook is overseeing the process following Odey’s forced departure from the firm he founded, and has told investors there are ongoing discussions around further fund transfers.
The OEI Mac and Odey European hedge fund suspended trading after redemption requests hit 35% and 19% respectively.
