A group of partners at Odey Asset Management has announced the removal of Crispin Odey, the prominent City tycoon and donor to the Conservative Party, from the hedge fund he established, in response to numerous allegations of sexual harassment. The executive committee of the firm, led by CEO Peter Martin and CFO Michael Ede, released a strongly-worded statement stating that Odey will no longer have any involvement in the partnership. Odey, now 64 and the founder of Odey Asset Management in 1991, managed assets worth nearly £4 billion.
Odey has faced multiple accusations of sexual misconduct in recent years, including sexual assault. The Financial Times and news site Tortoise recently reported that a dozen women had accused Odey of inappropriate sexual behavior over a 25-year period. These allegations include accusations of forced kissing, inappropriate touching, and making sexist remarks to female employees. However, a law firm representing Odey issued a statement denying these claims and emphasizing that none of the allegations have been substantiated in a court of law or an investigation.
While some of the incidents took place after Odey’s acquittal on charges of indecent assault in 2021, partners in the City of London have now distanced themselves from him. Today, partners at Odey Asset Management officially ousted him, proclaiming that he has been removed from the partnership. The executive committee emphasized that the firm takes all allegations of misconduct seriously and has implemented robust policies and procedures in accordance with regulatory obligations. Major banks, including Morgan Stanley, have severed ties with the investment firm, and the Financial Conduct Authority has been conducting a two-year investigation into Odey.
With these recent developments, the partnership will now be controlled and owned by the remaining partners and will operate as an independent legal entity. The executive committee reassured clients that the firm remains committed to delivering excellent investment performance and will provide further communication over the weekend.
The accusations against Odey, which have drawn comparisons to the #MeToo movement, have resulted in his removal from the partnership and have underscored the importance of addressing non-financial misconduct in the industry. The regulator, the Financial Conduct Authority, expects firms to have appropriate governance procedures in place to investigate allegations of misconduct.
Attempts to reach Odey for comment have been unsuccessful.
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