Odey Asset Management sets out replacement plans for Crispin Odey

LONDON (Reuters) – Odey Asset Management Partnership has named replacements for Crispin Odey on key funds after severing “personal and economic involvement” with him following allegations of sexual misconduct, said a letter seen by Reuters on Sunday.

The firm, which had $4.8 billion in assets under management as of September 2022, announced on Saturday Odey would be leaving the company. He denies the allegations of misconduct.

Freddie Neave will take over full responsibility of the Odey European Inc (OEI) and OEI Mac funds, the letter said. James Hanbury will assume leadership of the LP Odey Opus Fund, and Oliver Kelton will take the Odey Pan European Fund.

Odey Swan Fund will be taken on by Neave as an interim leader before a final fund manager is decided upon by the board, said the letter.

The letter also said Odey Asset Management had held “constructive dialogue” over the weekend with its prime brokers, which help facilitate trades.

Since the publication of the allegations of sexual misconduct, three Wall Street firms that are Odey Asset Management’s prime brokers – Goldman Sachs (NYSE:), JPMorgan (NYSE:) and Morgan Stanley (NYSE:) – moved to review or cut ties with the business.

The Financial Times reported on Sunday that the EU funds managed by Odey Asset Management have been discussing restrictions on investors’ withdrawals as part of emergency measures to contain the fallout of the allegations against Crispin Odey.

The restrictions on investor withdrawals under consideration are due to concerns that the company may suffer high outflows in the next few days, the FT report added, citing people with knowledge of the discussions.

Odey Asset Management has not immediately responded to a Reuters request for comment on the FT report.

The Financial Times and Tortoise, in a joint publication on Thursday, reported allegations by 13 women that Odey had sexually assaulted or harassed them over a 25-year period.

Odey and Duncan Lamont, a consultant at law firm Charles Russell Speechlys, which represents Odey Asset Management (OAM), on Saturday did not immediately respond to a Reuters request for comment about the hedge fund manager’s departure.