Partners at Odey Asset Management have said they are planning a “complete rebrand” of the firm having ousted boss Crispin Odey in the wake of numerous sexual misconduct allegations levelled against him.
The Financial Times released a report on 8 June detailing allegations of sexual assault or harassment made by 13 women against Odey (pictured) over a period of 25 years. Odey denies the allegations.
Several of the firm’s key brokers, including Goldman Sachs, responded by cutting ties with the asset manager.
Morgan Stanley has also severed relations with the business, and Schroders announced on Friday (9 June) that it had sold its remaining investments in the firm.
Until recently, Schroders held Odey’s Swan fund in two of its multi-manager products.
In response to the allegations, Odey AM’s executive committee announced on Sunday that it had removed Odey from the firm’s partnership structure, and that it was now completely unconnected to the Odey Group, which is still owned by the ousted hedge fund manager.
Fears of outflows and fund management changes
The FT has also revealed that the boards of the firm’s Ucits funds could impose restrictions on investors withdrawing money in a bid to prevent high outflows.
In addition, Odey’s removal has engendered several changes to the firm’s funds, one of which could see the Odey Swan Fund close for good. The firm’s partners suggested that shuttering the £130m fund may be an option put to the fund’s board, having been open to investors for a decade.
While the firm assesses its options, Odey’s co-manager Freddie Neave will take sole charge of the Swan fund, along with the OEI & OE MAC products.
Odey Pan European Fund will be managed by Oliver Kelton, while the global equity strategy LF Odey Opus Fund will be taken over by James Hanbury.