In a statement today, Odey AM LLP said that the firm was in “advanced discussions” for rehousing funds and transferring some fund management activities and individuals to other asset managers.

At the weekend, the executive committee of Odey Asset Management LLP - the partnership which runs Odey AM - removed founder Crispin Odey from the partnership following allegations in the Financial Times about Mr Odey and governance at the investment firm.

The FT reported allegations that Odey AM has been under investigation by the FCA for two years over a number of issues, including suggestions that founder Crispin Odey behaved inappropriately towards 13 women over a 25 year period.

Earlier this week the Treasury Committee said it would write to the FCA asking for clarification on the situation at Odey AM. The FCA has been asked for comment. 

In the statement today Odey AM LLP said that it has become clear that “some investment management activities of the Partnership are affected by recent events.”

The wider Odey Group itself is still, as far as is known, majority owned by founder and hedge fund manager Crispin Odey who has been reported as calling the allegations “rubbish.”

This is the full statement from Odey Asset Management LLP released today:

“Dear Investors and Friends,

We wanted to update you on activity at Odey Asset Management LLP (“the Partnership”).

Firstly, we have been, and remain in constructive dialogue with our service providers and key counterparties. It has however become clear that some investment management activities of the Partnership are affected by recent events.

Given that, the Firm is now in advanced discussions for rehousing Funds and transferring certain Fund management activities and individuals to other asset managers. Any sale or rehousing is considered subject of course to any relevant regulatory approvals and due diligence, with a view to an orderly transition of any assets and clients. The regulatory bodies and Fund boards and managers are appraised of and supportive of this approach.

Acting in the best interest of our investors and our staff has continued to be our primary concern over the past few days. We will continue to update you.

We thank you for your feedback and continued support.

The Partnership”

Last weekend the executive committee removed Odey Asset Management from the partnership and removed “all of Mr Odey’s economic and personal involvement.” The committee says that by doing so it means the partnership side of the business is “now entirely unconnected to the Odey Group, which continues to be majority owned by Mr Odey.”

The changes at Odey have already meant major fund changes but it is now unclear whether the changes will go ahead or all funds will be transferred to other fund managers. Some of the funds were managed by Mr Odey and co-manager Freddie Neave.

Mr Odey was found not guilty of indecent assault in 2021 in relation to an incident alleged to have taken place in 1998. 

Odey Asset Management CEO Peter Martin said last week that the firm did not recognise the picture of the business portrayed by the FT. However, he said the firm was treating any such allegations “extremely seriously.”