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"There's been very little marking down of (private) assets," said Con Keating, head of research at Brighton Rock Group, an insurance company for pension schemes. "No-one knows where the next big blow-up for pensions will come from," said Henry Tapper, founder of pension market analysis group AgeWage. He said heavy selling of commercial property and private equity stakes by pension schemes is raising questions over private capital valuations. "It's the right approach to obviously put some scrutiny on private market valuations." But in deals where private equity firms and investors buy and sell portfolios of investments, assets are being valued at less.

Persons: Yann Tessier, Con Keating, Henry Tapper, EY's, Paul Kitson, Burgiss, Ben Leach, Willis Towers Watson, IOSCO, Wilfred Small, Sinead Cruise, John O'Donnell, Kirsten Donovan Organizations: City of, REUTERS, Britain's, Authority, Brighton Rock Group, Reuters, Numis Securities, Thomson Locations: City, City of London, Canary, London, Britain, Germany, Sweden

☆ Britain grapples for agreement over listing rules overhaul
▼ + stars: | 2023-09-25 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Signage for the Financial Conduct Authority (FCA), Britain's financial regulatory body, is seen at its head office in London, Britain, March 10, 2022. The decision by UK chip designer Arm Holdings to list in the United States triggered calls in Britain to make London more attractive as a listings destination by easing the rules. The Financial Conduct Authority (FCA) has proposed combining its "premium" and "standard" listing categories, and ease other listing requirements such a requirement for a detailed financial track record, prompting sharp criticism from shareholder groups. The new rules would be confirmed before the end of this year, which the FCA would seek to implement speedily, Pritchard said. Julia Hoggett, CEO of London Stock Exchange, said London was already an attractive listings venue, and "narratives" that keep it down needed challenging.

Persons: Toby Melville, Sarah Pritchard, Pritchard, Julia Hoggett, Hoggett, Huw Jones, Alex Richardson Organizations: Financial, Authority, REUTERS, Arm Holdings, Financial Conduct Authority, London Stock Exchange, Thomson Locations: London, Britain, New York, United, United States

The Viking Star cruise ship is moored at Greenwich with the City of London financial district in the distance, in London, Britain, August 29, 2023. It is absolutely the time for action over words," Alasdair Haynes, CEO of Aquis Exchange, a share trading platform, and chair of financial industry body TheCityUK's Business Council, told Reuters. The main problem for trade bodies is the vast scope of Britain's financial services industry, with each sub-sector and TheCityUK presenting their own reform priorities and ideas, often overlapping. In the meantime, top financial sector executives running global teams of bankers and traders are increasingly bewildered by Britain's inability to make faster progress on a matter of such economic significance. ELECTION LOOMINGSome senior financial industry sources say politics may hamper the City's reform agenda even further, with a general election expected next year.

Persons: Kevin Coombs, Alasdair Haynes, Jeremy Hunt, Nicholas Lyons, TheCityUK, ” Samuel Gregg, Richard Gardner, Huw Jones, Sinead Cruise, Hugh Lawson Organizations: Viking, City, REUTERS, London’s, Mayor, European Union, Aquis, Business, Reuters, Finance, stoke, of, Arm Holdings, Labour, Conservative, American Institute for Economic Research, Investment Funds Association, EU, Thomson Locations: Greenwich, London, Britain, Europe, Asia, United States, Edinburgh, of London, New York, Amsterdam, City, France

☆ UK watchdog to 'ramp up' checks on how banks assess risks
▼ + stars: | 2023-09-08 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

REUTERS/Henry Nicholls/File Photo Acquire Licensing RightsLONDON, Sept 8 (Reuters) - Britain's financial watchdog told banks on Friday it would "ramp up" checks on whether they were properly assessing and managing risks from large customers to avoid any liquidity crunch in stressed markets. "We are ramping up our testing programme to look at how banks are controlling these risks, including more in person supervisory assessments." Under pressure from the European Central Bank, bankers have moved from London to staff these hubs, raising questions about sufficient staff in UK units. "While there are various booking and organisational arrangements underpinning these activities, there should be appropriate oversight for any business booked into the UK," Walls said. The FCA said it may also check how banks deal with non-financial misconduct, such as sexual harrasment.

Persons: Henry Nicholls, Liz Truss, Simon Walls, Huw Jones, Emelia Sithole Organizations: REUTERS, Financial, Authority, Bank of England, European Union, Brexit, European Central Bank, Thomson Locations: London, Britain

☆ UK watchdog offers flexibility on tougher cryptoassets marketing rules
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: 1 min

[1/2] Bitcoins are seen in this illustration picture taken September 27, 2017. REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsLONDON, Sept 7 (Reuters) - Britain's Financial Conduct Authority on Thursday said its tougher rules on marketing cryptoassets would come into force in early October, but firms could apply for more time to comply with some elements such as a 24-hour cooling off period. "Firms could be given until 8 January 2024 to introduce features that require greater technical development, with the core rules still coming into effect from 8 October 2023," the FCA said in a statement. "Firms must first apply for the flexibility which would then allow them time to make the required back-office changes successfully." Reporting by Huw Jones, editing by Iain WithersOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Huw Jones, Iain Withers Organizations: REUTERS, Thomson

☆ Direct Line faces $38 million redress bill for overcharging customers
▼ + stars: | 2023-09-01 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Signage for the FCA (Financial Conduct Authority), the Britain's financial regulatory body, is seen at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Sept 1 (Reuters) - British insurer Direct Line (DLGD.L) has agreed to review overcharging of existing home and motor customers totalling about 30 million pounds ($38 million) for policy renewals, the Financial Conduct Authority (FCA) said on Friday. "Direct Line Group will carry out a review to identify all instances where a customer has been overcharged and provide appropriate redress," the FCA said in a statement. "As a result, those customers have paid a renewal price higher than they should have," Direct Line said. Earlier this week, Direct Line named a new CEO as it seeks to reset after profit fell by 95% in 2022.

Persons: Toby Melville, Huw Jones, David Goodman, David Evans Organizations: FCA, Financial, Authority, REUTERS, British, Direct, Thomson Locations: London, Britain

☆ UK financial data market escapes competition probe for now
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Aug 31 (Reuters) - Britain's financial watchdog has stopped short of referring parts of the financial data market to the competition authority for now despite concerns over the power of large companies, it said on Thursday. The Financial Conduct Authority (FCA) said in March that competition in some parts of the wholesale financial data market is not working as well as it should, a sector which includes information on stock prices used by investors. It also launched a study to investigate if markets for benchmarks, credit ratings data and market data vendor services are working well, setting a Sept. 1 deadline to decide whether to refer any of the three market sectors to the Competition and Markets Authority (CMA). The update report highlights emerging issues in these markets, including concerns about the market power of large and established companies, which can reduce competition.

Persons: Toby Melville, Huw Jones, David Goodman Organizations: FCA, Financial, Authority, REUTERS, Financial Conduct Authority, Competition, Markets Authority, Thomson Locations: London, Britain

☆ Some UK banks improving interest rates for savers, says watchdog
▼ + stars: | 2023-08-31 | by ( Huw Jones | ) www.reuters.com time to read: +1 min

Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. Lawmakers have criticised lenders for being quick to pass on higher Bank of England interest rates to borrowers, but much slower raising rates offered to savers. "In July, we outlined a 14-point action plan to ensure people can access a competitive savings market. The FCA said that since its plan was published, it had seen a greater availability of higher interest rates in both term limited and easy access accounts. "We have also seen moves by some savings providers to align the rates available on accounts currently on sale and those now closed," the watchdog added.

Persons: Toby Melville, Huw Jones, Mark Potter Organizations: FCA, Financial, Authority, REUTERS, Bank of, HSBC, Lloyds, NatWest, Barclays, Thomson Locations: London, Britain, Bank of England

☆ UK's FCA temporarily suspends Superdry's shares on request
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo Acquire Licensing RightsCompanies Superdry PLC FollowAug 30 (Reuters) - Britain's Financial Conduct Authority (FCA) has temporarily suspended the listing of Superdry Plc's (SDRY.L) ordinary shares of 5 pence each on request, the fashion retailer said on Wednesday. "The board confirms that the delay is a result of normal procedures taking longer than anticipated during the first year that RSM are auditing the company," Superdry said in a statement. The company added it expects to request the listing's restoration on the release of its annual results before the end of the week. Earlier this month, it secured additional funding of up to 25 million pounds ($31.58 million) from restructuring specialist Hilco Capital.

Persons: Toby Melville, Superdry, Eva Mathews, Janane Organizations: FCA, Financial, Authority, REUTERS, RSM, LLP, Hilco, Thomson Locations: London, Britain, Bengaluru

The PayPal logo is seen at an office building in Berlin, Germany, March 5, 2019. REUTERS/Fabrizio Bensch/File Photo Acquire Licensing RightsCompanies PayPal Holdings Inc FollowLONDON, Aug 16 (Reuters) - Payments giant PayPal (PYPL.O) will stop allowing UK customers to buy cryptocurrencies through its platform from October as it works to comply with new rules on crypto promotions. Britain's financial regulator is due to bring in tougher rules to limit how crypto is advertised to British consumers, including requiring crypto firms to carry warnings about the risk and scrapping "refer a friend" bonuses. PayPal first launched crypto buying and selling in the UK in 2021. Regulators around the world are increasingly seeking to regulate crypto assets, after the collapse of several crypto firms including FTX last year left amateur investors with large losses.

Persons: Fabrizio Bensch, FTX, bitcoin, PayPal's, Elizabeth Howcroft, Bernadette Baum Organizations: PayPal, REUTERS, PayPal Holdings, Reuters, Regulators, Thomson Locations: Berlin, Germany

☆ UK financial watchdog urges NatWest chair to stay put
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 31 (Reuters) - The chairman of NatWest (NWG.L) Howard Davies should remain in office to ensure stability for the bank, a senior official at Britain's Financial Conduct Authority said on Monday. "I agree with his view that it's important to have stability at NatWest and that having a chair remain in place will help support that," Mills told reporters. Davies said he intended to stay on at the bank for now - after also facing calls to resign. "The FCA position is that ultimately it's a decision for the board and its shareholders. We urge those shareholders and board to achieve stability," Mills said.

Persons: Howard Davies, Sheldon Mills, Andrew Griffith, Davies, Alison Rose, Mills, Rose, Nigel Farage's, Huw Jones Organizations: NatWest, Britain's, Authority, FCA, BBC, Thomson

☆ NatWest CEO resigns after admitting to 'serious error' over Nigel Farage leak
▼ + stars: | 2023-07-26 | by ( ) www.cnbc.com time to read: +4 min

NatWest CEO Alison Rose on Wednesday stepped down with immediate effect after she admitted a "serious error of judgment" in discussing former Brexit party leader Nigel Farage's relationship with the bank with a senior BBC journalist. The board appointed Paul Thwaite to helm NatWest for an initial period of 12 months, the company said in a statement. "The board and Alison Rose have agreed, by mutual consent, that she will step down as CEO of the NatWest Group," Howard Davies, chairman of the board, said. Coutts' website advises its clients should be able to borrow or invest at least 1 million pounds with the bank or hold 3 million pounds in savings. Britain's Financial Conduct Authority (FCA) said it had urged the NatWest board to review the matter independently and welcomed its statement.

Persons: Alison Rose, Nigel Farage's, Paul Thwaite, Howard Davies, Coutts, Rose, Farage, Peter Flavel, NatWest's Davies, Davies, Rose —, Simon Jack, Jack, Sheldon Mills, Andrew Griffith Organizations: NatWest, BBC, NatWest Group, BBC Business, Authority, Treasury, Reuters, Government Investments

NatWest has faced intense political and media scrutiny over a decision by its private bank Coutts to close Farage's accounts. In a post on the X social media platform on Wednesday, Farage called for further heads to roll in the wake of Rose's resignation. On Tuesday, Farage said on his eponymous TV show that Rose was "unfit" to run a bank. She realised that her comments had left Jack with the impression that the decision to close Farage's accounts was solely a commercial one, Rose said in the statement. Rose also said she was not part of the decision-making process to "exit" Farage's accounts and said this was a decision made by Coutts.

Persons: Alison Rose, Nigel Farage's, Paul Thwaite, Coutts, Farage, Rose, Simon Jack, Howard Davies, Davies, Peter Flavel, Jack, NatWest's, Sheldon Mills, Andrew Griffith, Iain Withers, Sinead Cruise, Urvi, Juby Babu, Simon Jessop, Mark Potter, Edwina Gibbs, Louise Heavens Organizations: NatWest, BBC, BBC Business, UK Treasury, Reuters, Government Investments, Authority, Thomson Locations: Bengaluru

While there are no international sanctions on Russian metal, many consumers are shunning aluminium produced by Rusal (RUAL.MM), which accounts for 6% of global supplies. U.S. import tariffs on Russian aluminium and products are also prompting some consumers to "self-sanction". Some analysts estimate the discount for Russian aluminium at $100-$300 per metric ton, Norsk Hydro said. As LME aluminium prices are referenced in contracts between consumers, producers and traders, the dominance of Russian aluminium in the system is a problem, said Norsk Hydro's Chief Financial Officer Paal Kildemo. "There is still a risk that even more Russian aluminium will be delivered to LME further weighing on the reference price...

Persons: Paal Kildemo, Kildemo, Rusal, Pratima Desai, Polina Devitt, Eric Onstad, Veronica Brown, Jason Neely Organizations: London Metal Exchange, Norsk Hydro, Reuters, Britain's Financial, Authority, Norsk, Shanghai Futures Exchange, CME, Hydro, FCA, Thomson Locations: Norwegian

☆ Use of AI in finance likely to trigger rise in fraud, says UK watchdog
▼ + stars: | 2023-07-11 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, July 12 (Reuters) - Applying artificial intelligence (AI) to financial services must go hand-in-hand with better fraud prevention and resilience to hacking and outages, Britain's Financial Conduct Authority (FCA) was expected to say on Wednesday. AI's use can benefit markets, such as cutting prices for consumers, but also cause imbalances if "unleashed unfettered", Rathi will say. "This means that as AI is further adopted, the investment in fraud prevention and operational and cyber resilience will have to accelerate simultaneously," Rathi will say. We will remain super vigilant on how firms mitigate cyber-risks and fraud given the likelihood that these will rise." The watchdog has already observed how volatility during the trading day has doubled and amplified compared to during the 2008 global financial crisis.

Persons: Nikhil Rathi, Rathi, Huw Jones, Mark Potter Organizations: Authority, Wednesday, Big Tech, Thomson

[1/2] British Chancellor of the Exchequer Jeremy Hunt holds a Ministerial Statement at the House of Commons in London, Britain, June 26, 2023. The government rocked pension savers last September with a fiscal statement that drove government bond yields higher and forced pension schemes to scramble for cash, triggering a parliamentary inquiry into their investments. The government is under pressure to revitalise domestic investor interest in several industries considered key to Britain's growth, including fintech, biotech, life science and clean technology. Encouraging greater investment in growth assets will help younger savers but the reforms offer little hope to those retiring in the near term. Inflation continues to ravage Britain's economy, with rates running higher than in any other major rich country.

Persons: Jeremy Hunt, Jessica Taylor, Handout, Richard Gnodde, Becky O’Connor, Jon Hatchett, Hymans Robertson, Andrew Bailey, Hunt, Anna Anthony, Sinead Cruise, Carolyn Cohn, Nick Macfie Organizations: REUTERS, Aviva, Goldman Sachs, Public Affairs, Bank of England, Financial, Thomson Locations: London, Britain, City, PensionBee, Britain's

☆ UK watchdog shuts more illegal cryptocurrency 'machines'
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 11 (Reuters) - Britain's Financial Conduct Authority said on Tuesday it has stopped 26 machines across the country for illegally offering cryptocurrencies, warning consumers they could lose all of their money. A member of the public paid in a thousand pounds into a crypto ATM in Sheffield, northern England, in an attempt to buy cryptocurrencies, but no cryptocurrency or funds were returned, the FCA said. The watchdog, in a coordinated operation with other law enforcement agencies, inspected 34 locations suspected of hosting crypto ATMs since the start of this year and "disrupted" 26 machines. "You will not be protected if something goes wrong, and you could lose your money," Smart said. Reporting by Huw Jones; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: Steve Smart, Smart, Huw Jones, David Evans Organizations: Authority, FCA, Thomson Locations: Sheffield, England

LONDON, July 7 (Reuters) - As Thames Water's financial troubles raise questions about such investments, Britain will next week try to persuade pension schemes to plough billions of pounds into infrastructure and start-ups in its next leg of post-Brexit reforms. British Finance Minister Jeremy Hunt will on Monday set out the government's latest thinking on getting cash locked up in pension pots to work in the economy. The Conservative government's long-trailed policy focuses on persuading pension schemes to invest a portion of their money in infrastructure, start-ups and 'green' technology. But the problems at Thames Water, which is battling for survival under 14 billion pounds ($18 billion) of debt, would leave some pension schemes that had made large investments in it embarrassed, said independent pensions consultant John Ralfe. The finance ministry had no immediate comment on Hunt's speech, but the pensions industry has already said it opposes mandatory investment quotas.

Persons: Jeremy Hunt, Hunt, John Ralfe, Ralfe, Nobody, Huw Jones, Alexander Smith Organizations: Thames, British, Conservative, Amsterdam, London, EU, Thomson Locations: Britain, London's, New York, London

☆ UK regulator orders investment funds to manage liquidity better
▼ + stars: | 2023-07-05 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

The suspension of property funds in Britain and difficulties faced by liability-driven investment funds last September have thrown a spotlight on the ability of asset managers to drum up enough cash to meet investor redemptions or collateral calls. The watchdog said its review of asset managers found that while some firms showed very high standards, most fell short in some aspects of liquidity management, with a minority having inadequate frameworks to manage liquidity risks. "As things stand, gaps observed in liquidity management could lead to a risk of investor harm," the FCA said in a statement. The watchdog had already asked firms to review their liquidity arrangements back in 2019, and boards of asset managers should study the findings of the review, the FCA said. Asset managers should also perform liquidity stress testing diligently, and use liquidity management tools appropriately, it said.

Persons: Huw Jones, Mark Potter Organizations: Authority, Thomson Locations: Britain

☆ Britain to set up real-time bond and stock trading record
▼ + stars: | 2023-07-04 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, July 5 (Reuters) - Britain's financial watchdog proposed a real-time record of stock and bond prices on Wednesday to help investors spot the best deals and improve the capital markets' attraction. The Financial Conduct Authority (FCA) said it was proposing to create a 'consolidated' tape, which combines trading data from the London Stock Exchange and other platforms, to increase transparency and access to trading. The FCA aims to have the regulatory framework in place by 2024 and would run a competitive tender for a bonds market tape first, followed by stocks. Later this year, the watchdog will consult on further reforms to the transparency of bond and derivatives markets to aid delivery of trading data alongside a tape. "The new consolidated tape will help reduce trading costs, increase transparency and improve data quality," said Sarah Pritchard, the FCA's executive director for markets.

Persons: Sarah Pritchard, Huw Jones, Christina Fincher Organizations: of, Union, Financial Conduct Authority, London Stock Exchange, EU, Thomson Locations: of London, Europe

LONDON, July 4 (Reuters) - British banks should have to serve a customer even if they disagree with his or her lawful political views, and should apply anti-money laundering checks proportionately, financial services minister Andrew Griffith said on Tuesday. Griffith was asked about his views on recent issues around banking services for politicians and other 'politically exposed persons' by the House of Lords' Economic Affairs Committee, which did not name Farage directly. Griffith said Britain's Financial Conduct Authority (FCA) now had powers under a new financial services law approved last week to revisit these rules. "The second thing that we've asked is that the FCA look at creating a domestic politically exposed persons (category) to reflect the lower category of risk associated with those whose affairs are wholly domestic," Griffith said. Reporting by David Milliken, Editing by Huw Jones and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Griffith, Nigel Farage, Coutts, Griffith, it's, David Milliken, Huw Jones, Mark Potter Organizations: Brexit Party, NatWest, Economic Affairs Committee, Authority, FCA, Thomson

While there has been some scrambling to amend contracts linked to Libor over the past month, the transition was well telegraphed and no major issues are expected, loan and derivatives market participants and lawyers said in interviews. "I feel like it has been two to three years now that we have been re-papering all the legacy loans and legacy securities we purchased tied to Libor," said Scott DiMaggio, co-head of fixed income, at Alliance Bernstein. Friday at 11:55 a.m. British Summer Time (1055 GMT) marked the last publication for the 1-month, 3-month and 6-month U.S.-dollar Libor interest rates. Other U.S. dollar tenors were largely phased out for new contracts at the end of 2021 along with Libor rates linked to other currencies. Derivatives markets based on Libor had already mostly moved to new benchmarks without major disruption, while some corners of the loan markets, such as syndicated loans, have been busy with contract amendments, market participants said.

Persons: Scott DiMaggio, Alliance Bernstein, Shah, Federal Reserve Bank of New York's, Libor, Tal Reback, Gennadiy Goldberg, John McCrank, Gertrude Chavez, Dreyfus, Alden Bentley, Stephen Coates Organizations: YORK, Alliance, Regulators, Federal Reserve Bank of New, U.S, Britain's, Authority, Libor, TD Securities, Thomson Locations: London, Iran, U.S, New York

The Australian scandal is the latest in a number the "big four" professional services firm has faced around the globe. Auditor PwC said it was unable to comment on client issues due to confidentiality clauses. Its auditor PwC and affiliates agreed to pay $33 million in fines and compensation to settle U.S. litigation in 2011. India's market regulator barred PwC's local affiliate from auditing listed companies for two years in 2018, but that was overturned the following year. ($1 = 1.4984 Australian dollars)Reporting by Lewis Jackson; Editing by Praveen Menon and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Kristin Stubbins, PwC, Lewis Jackson, Praveen Menon, Sonali Paul Organizations: SYDNEY, PricewaterhouseCoopers, International, Wyelands Bank, Colonial Bank ., Satyam, Enron, PwC, Thomson Locations: Australia, Brazil, Britain, Alabama, Colonial Bank . India

FALLING STARWhen Odey set up Odey Asset Management, it was in the afterglow of then British Prime Minister Margaret Thatcher's deregulation of the stock market in London's 1986 "Big Bang". Privately educated at the elite Harrow school, Odey left Oxford University and began his career in traditional asset management before launching Odey Asset Management. But fund performance at Odey Asset Management has been a rollercoaster, with Odey renowned for taking risks. He liked to say leverage was like a drug - once you experienced it, you could never live without it, one hedge fund manager said. Lawmakers on Britain's Treasury Select Committee have written to the FCA to question the regulator's supervision of Odey Asset Management and Odey.

Persons: Crispin Odey, Odey, Banks, Robert Sears, CIOs, Don Steinbrugge, Margaret Thatcher's, Egerton Capital, Marshall Wace, Winton, Kwasi Kwarteng, Maiya Keidan, Nell Mackenzie, Iain Withers, Lawrence White, Dhara Ranasinghe, Elisa Martinuzzi, Alex Richardson Organizations: TORONTO, Reuters, Odey Asset Management, FT, Tortoise Media, Odey, Management, Britain's Financial, Authority, Generation Partners, Odey's, HSBC, Inc, Wall Street, Agecroft Partners, British, Harrow, Oxford University, Conservative Party, Barclays, Peugeot, Hong Kong, Lawmakers, FCA, Thomson Locations: LONDON, City, London, Toronto

REUTERS/John Sibley/File PhotoLONDON, June 15 (Reuters) - Odey Asset Management is in advanced talks to move funds and staff to other asset managers as it grapples with the fallout of sexual misconduct allegations against its founder Crispin Odey. A spokesperson for the hedge fund declined further comment on Thursday. Hedge funds such as OAM rely on leverage from prime brokerage service providers to make their market bets. Without a prime broker, a hedge fund which needs to borrow stocks cannot function. A spokesperson for OAM also declined to comment on whether the moves signalled that the hedge fund would close.

Persons: Crispin Odey, John Sibley, Odey, Goldman Sachs, Morgan Stanley, JP Morgan, James Hanbury, Harriett Baldwin, Nell Mackenzie, Sinead Cruise, Dhara Ranasignhe, Alexander Smith Organizations: REUTERS, Odey, Management, Financial Times, Tortoise Media, Reuters, UBS, Authority, Asset Management, FCA, Treasury, Thomson Locations: Westminster, London, Britain

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