Odey Asset Management has announced it is in the process of winding down, following the migration of many of the firm’s strategies and managers in the fallout from misconduct allegations aimed at founder Crispin Odey (pictured).
It follows a similar announcement from the firm’s wealth arm earlier in October, while subsidiary Brook Asset Management is also in the process of closure.
In a statement on its website, the firm said: “Odey Asset Management LLP is in the process of winding down. All funds have been transferred to new asset managers. Staff remain to wind down the business and make sure investors are looked after.”
The break-up of Odey Asset Management was triggered by multiple accusations of harassment and other misconduct levelled at founder Crispin Odey, first reported by the Financial Times. He denies the allegations.
Fund re-homing
Among the manager moves, James Hanbury and Jamie Grimston have transferred to Lancaster Investment Management, bringing with them the five funds they manage, which include: LF Brook Absolute Return; Brook Absolute Return IRL Fund; Brook Developed Markets Fund; Brook Absolute Return Focus Fund; and LF Odey Opus.
Adrian Courtenay and the Odey Special Situations Fund have moved to Green Ash Partners.
Oliver Kelton has transferred to SW Mitchell Capital alongside the Brook European Focus fund; LF Brook Continental European fund; Brook European Focus Absolute Return fund; and the Odey Pan European fund.
Manager Freddie Neave has moved to Bainbridge Partners. According to the Odey AM website, the Odey European Inc and OEI Mac strategies that he runs will be consolidated into new funds at Bainbridge, with investors who have opted in moving to the new fund.
Canaccord Genuity has hired Geoffrey Marson, who transfers alongside the Odey Opportunity fund and will be based in Guernsey.
Meanwhile, the Brook Global Emerging Markets fund, managed by Sophia Whitbread and Mathieu Rachmaninoff, and the LF Odey Portfolio fund, managed by Peter Martin, have closed, with no update provided on where the managers might move to.
Finally, Peter Martin’s LF Odey Portfolio fund has also shuttered.
