Crispin Odey: Odey Asset Management insists funds are not halting investor withdrawals
The company, which has around 4.4bn US dollars (£3.5bn) in assets under management, said all its funds are open “as per usual business” following a report that the boards of its EU investment funds were looking at measures to restrict investors pulling out cash, called “gating”. The Financial Times had reported that restrictions were being mooted amid fears of a rush to withdraw over the coming days. A spokesman for Odey Asset Management said: “All funds are open today as per usual business and we’re not considering gating any funds. The only fund we’re considering closing is the Odey Swan Fund, the Ucits (Undertaking for collective investment in transferable securities) fund formerly run by Crispin Odey.”
Late on Sunday, the firm announced a shake-up of management for key funds that were run by Mr Odey, who was born in East Yorkshire. It came as it sought to further distance itself from its founder after announcing on Saturday that he would be leaving following a series of allegations of misconduct. He denies the claims. The company said Mr Odey’s main hedge fund will be run by his co-manager, Freddie Neave, as part of the changes. Mr Neave will take over full responsibility of the Odey European Inc (OEI) and OEI Mac hedge funds. James Hanbury will now run the Odey Opus Fund and Oliver Kelton will take responsibility for the Odey Pan European Fund.
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Hide AdThe firm said it is considering options to put to the fund board regarding the Odey Swan Fund, which “may include an option to close the fund”. The Odey Swan Fund manages around 76 million euros (£65 million) in funds and it is understood its management strategy was unique to Mr Odey. The fund will be run by Mr Neave in the meantime.
“We plan to announce a complete rebrand of the partnership in the near future,” the company said in a further move to contain the fallout.
A report in the FT, together with Tortoise Media, last Thursday included a series of allegations of sexual harassment or misconduct from women who either worked at the firm or had social or professional dealings with Mr Odey. In a statement to the FT, Mr Odey described the claims as “rubbish”.