Odey Asset Management tells investors ‘confident’ banks will continue to work with fund – letter
2023.06.09 03:32
© Reuters. FILE PHOTO: Hedge fund manager Crispin Odey sits in a vehicle departing Westminster Magistrates’ Court, after being found not guilty of indecent assault, during a three-day long trial in London, Britain, March 11, 2021. REUTERS/John Sibley/
By Nell Mackenzie
LONDON (Reuters) – Odey Asset Management “does not recognise the picture of the firm that has been painted” by allegations of sexual misconduct by Crispin Odey published by media on Thursday, it told investors in a letter seen by Reuters.
The letter, dated June 8 and signed by Peter Martin, the company’s chief executive, said that for legal reasons the firm would not comment in detail on the allegations and “actions taken by prime brokers and other service providers to OAM.”
The FT and Tortoise reported that 13 women alleged founder and owner Odey, one of Britain’s best-known hedge fund managers, had sexually assaulted or harassed them over a 25-year period.
Goldman Sachs (NYSE:), JPMorgan (NYSE:) and Morgan Stanley (NYSE:) are reviewing their prime broking relationships with Odey Asset Management, sources familiar with the matter said on Thursday.
“We are confident our service providers will continue to work with us,” the OAM letter said.
The firm has “robust policies and procedures in place to ensure that the firm at all times complies with all of its legal and regulatory obligations. Staff wellbeing is also central to the culture of OAM’s business,” it said.
The company said the well being of staff members was a priority as well as the interest of clients and investors.
While several calls and emails were addressed to the firm on Thursday, the letter to investors is the company’s first response. Bloomberg first reported news of the letter.
Odey told Reuters on Thursday the FT report was a “rehash of an old article” and that none of the allegations have been stood up in a court or in an investigation.
