The financial industry has once again been rocked by allegations of sexual misconduct, this time involving Crispin Odey, the founder of hedge fund Odey Asset Management. The Financial Times recently published claims from 13 women who accuse Odey of abuse, harassment, and sexual assault, with some of the allegations dating back to 1998.
The Financial Conduct Authority is currently investigating the claims, and several banks, including JP Morgan and Morgan Stanley, are reportedly reconsidering their relationships with Odey Asset Management.
These accusations are particularly significant given Odey’s prominence in the financial world. Odey Asset Management is a well-known hedge fund that has been in operation for over 30 years, and Odey himself has been a prominent figure in the industry for decades.
The allegations against him come at a time when the financial sector is facing renewed scrutiny over its treatment of women and minorities, and they are likely to fuel ongoing debates about the need for greater accountability and transparency in the industry.
Allegations and Investigation
The allegations of sexual harassment and misconduct against Crispin Odey, the founder of hedge fund Odey Asset Management, are currently being investigated by the Financial Conduct Authority (FCA).
The FCA is looking into the allegations published by the Financial Times, which include claims of sexual harassment or misconduct from women who either worked at the hedge fund or had social or professional dealings with Odey.
The incidents reportedly happened between 1998 and 2021, involving 13 women who allege that Odey abused or harassed them, with eight of the 13 claiming he sexually assaulted them.
Following the allegations, several banks are rethinking their relationships with Odey Asset Management.
JP Morgan is reportedly reviewing its ties with the hedge fund, while Morgan Stanley is said to be moving to sever its prime broking relationship with the firm.
Odey Asset Management’s CEO Peter Martin has stated that the firm does not recognise the picture painted by the Financial Times, and that the allegations are being looked into by the firm’s lawyers.
The company has also emphasized that it takes all such allegations extremely seriously, and that staff wellbeing is central to the culture of its business.
Response from Odey Asset Management
Odey Asset Management’s CEO, Peter Martin, has responded to the sexual misconduct allegations made against the firm’s founder, Crispin Odey. Martin stated that the allegations are being taken seriously and that they are being investigated by the firm’s lawyers. He has also stated that the firm does not recognize the picture of the firm painted by the Financial Times.
Martin emphasized that staff wellbeing is central to the culture of Odey Asset Management and that they treat all such allegations extremely seriously. However, he did not comment on the specific allegations made against Odey.
It remains to be seen how the investigation will unfold and what impact this will have on the reputation of the firm and its relationships with broker partners and banks.
Legal Proceedings and Outcome
Legal proceedings have been initiated in response to the allegations of sexual harassment or misconduct made against an individual associated with Odey Asset Management. Crispin Odey, the founder of the hedge fund, has denied the allegations and called them ‘rubbish’. However, the Financial Conduct Authority (FCA) is investigating the allegations, and banks are reconsidering their relationships with the fund.
JP Morgan is reportedly reviewing its ties with Odey Asset Management, while Morgan Stanley is said to be severing its prime broking relationship with the fund manager.
In 2021, Crispin Odey was acquitted of indecent assault of a woman in 1998. The judge in the case noted that the accuser’s story contained inconsistencies.
It remains to be seen what the outcome of the current proceedings will be, but Odey Asset Management has said that it takes all such allegations extremely seriously and that staff wellbeing is central to the culture of its business. The firm’s lawyers are looking into the allegations, and it is clear that the matter is being taken very seriously by both the hedge fund and the authorities.
