Crispin Odie is being investigated by City Security for allegations of sexual harassment

Crispin Odie has been expelled from the hedge fund he founded after a series of sexual harassment allegations. Credit: Shutterstock

The Financial A regulator is investigating whether hedge fund manager Crispin Audie is the “right and right person” to work in the industry amid allegations of misconduct. Odey Asset Management with “illegal purpose.”

The watchdog has been investigating Mr. Odey's behavior for the past two years without making any official statement as it rarely commented on whether it was investigating.

Odey Asset Management plunged into chaos last month after the Financial Times published multiple allegations of sexual harassment and assault by Mr. Odey, who denies the allegations.

The investigation into Mr. Odie's treatment of women over a 25-year period included allegations against 13 women who claimed that Mr. Odie had abused or harassed them, with eight of the 13 alleging that he had abused or harassed them. their sexual abuse.

The law firm representing Mr. Odie said he “strongly disputes” the allegations.

Key banks and brokers, including JP Morgan, Morgan Stanley, Goldman Sachs and UBS, decided to cut ties with his eponymous firm, and investors rushed to leave, forcing the company to close funds and suspend several others.

The FCA said that because some of the allegations are “potentially criminal” in nature, it has contacted the police.

Odey Asset Management said last month that it was in “extended discussions ' to break themselves up and hand over funds and personnel to competing asset managers.

The looming collapse of the business signals the likely demise of one of London's most famous hedge funds, which was founded by Odie in 1991. He currently manages approximately £3.4bn.

The Financial Times allegations are the latest in a series of lawsuits filed against one of the most prominent UK hedge fund executives in recent years.

In 2021, a judge acquitted the multimillionaire of indecent assault. Mr. Oday himself admitted he was “ashamed” of his actions, but insisted he simply proposed to the woman after they ate Chinese takeaway food at his marital home, denying claims that he ” rushed” at her. The accusation concerned a collision in 1998.

In a letter to the members of the Treasury Selection Committee, FCA Executive Director Nikhil Rati said: “It is unacceptable that women are still scared for their safety at work and feared for their career when express concerns.”

He added that it was important to note that the allegations against Mr. Odie were unsubstantiated.