Crispin Odey has managed Odey Asset Management, one of London's most famous hedge funds, since 1991. Photo: Shutterstock
Partners of Crispin Odey, a well-known city tycoon and Conservative Party donor, said they have expelled the financier from a hedge fund he founded after a series of sexual harassment allegations.
Odey Asset Management Executive Committee published a strong — a statement issued on Saturday afternoon said Mr Audi was «withdrawing from the partnership» following a new round of accusations that he had groped and kissed women without their consent.
In a statement, signed by Peter Martin, the firm's chief executive, and chief financial officer Michael Ede, the executive committee stated that Mr. Odie «will no longer have any economic or personal involvement in the partnership.»
In 1991, the 64-year-old businessman founded the investment company Odey Asset Management, which today manages about £4 billion in assets. Grand City became one of the biggest financial backers of the Brexit campaign during the Brexit referendum. His fund rose to prominence during the 2008 financial crisis when he bet that bank stocks would fall, which helped him make millions for his investors.
But in recent years, the investment manager has been dogged by allegations of sexual harassment, including sexual assault.
Last week, The Financial Times and news site Tortoise reported that a dozen women accused Odie of inappropriate behavior of a sexual nature for 25 years. years. These include allegations that he forcibly kissed women, inappropriately touched women's breasts, and allegations that he made rude sexist remarks to employees.
The law firm representing Mr Odie, who was worth an estimated £825m in 2020. , this week said he «strongly disputed» the claims. Mr Odey insisted that «none of the allegations were substantiated in the courtroom or during the investigation» and said yesterday he plans to fight back against the expulsion attempt.
Some incidents are said to have taken place after Mr Odie was acquitted by a judge in 2021 of other charges of indecent assault dated the evening of 1998.
Mr Audi previously said he was «ashamed» about the incident in which he «misunderstood signals» with a woman at his family home. She accused the six-foot financier of groping and «attacking like an octopus.» He was cleared of wrongdoing. The investor stepped down as co-CEO of Odey Asset Management in 2020, but remains the majority shareholder of the company.
However, new claims against the financier, which have drawn comparisons to accusations made by the #MeToo movement, prompted colleagues in the City of London to finally turn their backs on Mr Odie on Saturday.
Partners at the firm forced him out today by issuing a statement that he was excluded from its partnership.
The Executive Committee stated that the partnership «will now be owned and controlled by the remaining partners and managed as an independent legal entity.» .
He added: “The Executive Committee takes all allegations of misconduct very seriously. The firm has sound policies and procedures that have always been followed.
“The firm is investigating the allegations against Mr Odie, but the firm cannot comment in detail as it is bound by confidentiality obligations.
“We have been transparent with the regulator and kept them informed throughout this process.
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“The partnership remains committed to delivering good investment returns for its clients. Further communication with our clients will follow over the weekend.”
Big banks, including Morgan Stanley, cut ties with the investment firm on Friday, as it emerged that the city’s watchdog, the Financial Conduct Authority, had launched two investigations against the fund manager during the year.
The regulator said: “We take allegations of non-financial misconduct seriously and expect firms to have proper governance procedures in place to ensure allegations of misconduct are properly investigated. «.
Mr Odie has been contacted for comment.
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