After Odey Asset Management’s founder was accused of sexual assault against eight different women, the prominent British hedge fund announced on Thursday that the company would be disbanded and that its activities would be transferred to other businesses.
At the weekend, Crispin Odey, who had been an outspoken advocate of Brexit and a fundraiser to the Conservative party, left the organization. He refutes the claims made against him.
“Acting in the best interest of our investors and our staff has continued to be our primary concern over the past few days,” the company stated in a statement.
According to the company’s statement, “advanced discussions” were taking place about the rehousing of assets and the transfer of some fund management operations and employees to other asset managers.
A week prior, the claims that were made against Crispin Odey were published in the publication known as the Financial Times.
The Financial Times reported that a further five women stated that Odey had mistreated or harassed them in the past.
Odey, who is 64 years old and is notorious for amassing enormous sums of money in recent years by betting heavily against the British pound and UK government bonds, has referred to the charges as “rubbish.”
The Financial Times conducted an investigation into alleged instances that took place between the years 1998 and 2021.
According to the business daily, the report documented the experiences of 13 women who had either worked for Odey Asset Management or had social or professional interactions with the company’s founder.
A group of British legislators from different political parties called the situation “deeply troubling” on Wednesday, and they demanded that the UK’s financial regulator, the Financial Conduct Authority, provide answers to queries regarding its oversight of Odey Asset Management and Crispin Odey.
According to a statement released by the chairwoman of the Treasury Committee, Harriett Baldwin, “Culture in financial services and the experiences of women in the industry are ongoing concerns of the Treasury Committee.”
“Journalists at the Financial Times have shed light on extremely serious claims of conduct surrounding the activities of a prominent figure, and they have done so in a way that has made the charges more public.
“We look forward to receiving a response from the financial regulator on these important issues,” added Baldwin, who is a member of Parliament for the party that is now in power, the Conservatives.
In addition, the committee has requested that the Financial Conduct Authority provide responses to queries about its “wider work on non-financial misconduct.”
Baldwin stated that the consequences of the incident “could be detrimental to the reputation of the entire (financial) sector.”
In 2021, a British court ruled that Odey was innocent of sexually assaulting a female banker and handed out its verdict.
Following additional recent stories published by another British daily, The Guardian, which revealed similar accusations made by women employed at the leading business lobby group in the UK, the CBI, the charges have been made.
These events have caused a reorganization inside the organization, which is currently fighting an uphill battle to regain the faith of both private businesses and the government.