Regulators Question Investment Platforms for Offering Odey Funds to Customers
Leading investment platforms including AJ Bell, Hargreaves Lansdown, and Halifax are facing scrutiny for continuing to provide Odey Asset Management funds to customers despite the firm’s ongoing crisis.
The Financial Conduct Authority (FCA) has reached out to these companies to inquire about their offerings under Odey’s name, as well as under Brook – the name given to funds managed by other partners at the hedge fund.
The FCA is seeking an explanation from these platforms regarding the alignment of their offerings with the best interests of clients, given the issues surrounding Odey Asset Management. Additionally, they are investigating the extent of buying and selling of Odey funds.
Allegations: Odey Asset Management founder Crispin Odey (pictured) has been accused of sexual misconduct by 13 women
The FCA is also investigating the transfer of any funds sold by the hedge fund to third parties, according to the Financial Times.
Odey Asset Management has been facing a crisis following allegations of sexual misconduct against its founder, Crispin Odey, made by 13 women. These allegations have led to a significant number of client withdrawals.
Before the scandal, the firm managed approximately £3.5 billion in assets and has since stated that it is in advanced discussions to undergo a breakup and transfer its funds and staff to rival firms.
Investment platforms like AJ Bell offer do-it-yourself investors the opportunity to choose which funds they wish to invest in. Although there is usually the option to restrict certain funds, it is not a common occurrence.
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