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Odey Asset Management has recently left its historic Mayfair office following sexual assault allegations against founder Crispin Odey, which prompted the firm to undergo restructuring.
According to a Companies House filing, the remaining staff have relocated to serviced offices at 64 North Row, a short distance away. The new premises are managed by One Avenue and are described as “luxury” and “state of the art” on their website.
Crispin Odey initially established his hedge fund firm on Upper Grosvenor Street in Mayfair in 1991. The company later expanded and moved to the nearby Upper Brook Street building. The Upper Brook Street offices were well-known for their lavish basement dining room, featuring floor-to-ceiling wine racks and catering services from the Michelin-starred restaurant Le Gavroche.
Although Crispin Odey was removed from the firm due to the allegations against him, he still owns the leasehold of the Upper Brook Street headquarters. Land Registry records show that the property is owned by two of his holding companies, with the registered address listed as Upper Brook Street on Companies House.
It remains uncertain whether Crispin Odey plans to continue using the offices now that his former colleagues have vacated. He has not responded to a request for comment.
In June, a Financial Times investigation revealed allegations of sexual assault or harassment against Crispin Odey from 13 women. This led to a crisis within the firm, resulting in key banking partners severing ties and investors seeking to withdraw their funds. Last month, the FT reported additional allegations from six more women.
Despite the removal of Crispin Odey, Odey Asset Management has struggled to distance itself from its founder and has been forced to implement a wind-down plan. The company has suspended or closed certain funds and arranged for fund managers to transfer to rival firms.
James Hanbury, a star fund manager at the firm’s subsidiary Brook Asset Management, has agreed to move with his team to boutique advisory firm Lancaster Investment Management. Hanbury’s Absolute Return fund, managing £369mn according to the company’s website, suspended withdrawals in June but has since reopened.
In June, Odey Asset Management announced advanced talks to transfer Oliver Kelton and the four funds he managed to investment boutique SW Mitchell Capital. The largest of these funds is Brook European Focus, which has €602mn in assets under management.
Freddie Neave, the current manager of OEI Mac, one of Crispin Odey’s flagship funds, is in discussion to move to Landseer Asset Management as part of a restructuring announced in July. Shareholders’ investments would be transferred to a new fund.
Two other funds previously managed by Crispin Odey have been completely wound down, with Odey Portfolio already closed and Odey Swan set to redeem investors by September 4th.
The UK’s financial watchdog, the Financial Conduct Authority (FCA), is currently conducting ongoing investigations into Odey Asset Management and Crispin Odey. In a letter to the Treasury select committee, the FCA outlined the scope of its investigations.
The FCA is investigating Odey Asset Management for potential breaches of the watchdog’s business principles, including failure to conduct affairs with due skill, care, and diligence. The investigation into Crispin Odey focuses on whether he is fit and proper to work in financial services, which could result in a ban from future roles.
Jill Greenfield, a lawyer representing two of Crispin Odey’s alleged victims, has urged the FCA to safeguard assets at Odey Asset Management to ensure funds will be available to compensate victims if they pursue legal action.
Odey Asset Management has chosen not to comment on the matter.
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