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☆ Odey Asset Management freezes funds as clients pull money, prime brokers flee
▼ + stars: | 2023-06-13 | by ( Nell Mackenzie | ) www.reuters.com time to read: +3 min

LONDON, June 13 (Reuters) - Odey Asset Management (OAM) is closing one fund and restricting money clients can pull from another, two investor letters showed, just as the hedge fund was scrambling on Tuesday to keep its prime brokers from ending vital relationships with the firm. Odey Asset Management has closed its Odey Swan Fund and is restricting the money clients can pull from its Brook Developed Markets Fund, according to investor letters seen by Reuters. An OAM spokesperson declined to comment but confirmed the letter about the Brook Developed Markets Fund and was not immediately available to respond to a request about the closure of the Swan Fund. He did not respond when contacted by Reuters on Tuesday about either the Brook or Swan fund. Brook Developed Markets Fund is open to retail investors and had about $216 million, as of the end of February, the latest data from Morningstar showed.

Persons: Crispin Odey, Odey, Goldman Sachs, Morgan Stanley, Swan, Nell Mackenzie, Dhara Ranasinghe, Elisa Martinuzzi, Susan Fenton Organizations: Odey, Management, Financial Times, Tortoise Media, Reuters, JPMorgan, Swan, Swan Fund, Morningstar, Thomson

☆ Morning Bid: Markets drift ahead of central bank extravaganza
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Ankur BanerjeeAfter surprise interest rate hikes from the Reserve Bank of Australia and Bank of Canada, investors are a bit nervy heading into a week that brings us three major central banks meetings. Last week's moves have inflamed uncertainty in investor minds about whether the U.S. Federal Reserve will skip or surprise on Wednesday. CME Fedwatch tool showed the probability of the Fed standing still is over 70%, but with inflation data due on Tuesday there may just be a late sting in the tail. No such surprises are expected from the European Central Bank or Bank of Japan, with markets widely expecting the ECB to hike and stay hawkish, and the BOJ to stick to its ultra-loose monetary policy. Reuters GraphicsReuters GraphicsWith not a lot on the data calendar, stocks in Asia are muted, while the U.S. dollar is steady.

Persons: Ankur Banerjee, BioNTech, Crispin Odey, Nicola Sturgeon, Christopher Cushing Organizations: Ankur, Reserve Bank of Australia, Bank of Canada, Fed, ECB, U.S . Federal Reserve, CME, European Central Bank, Bank of Japan, Reuters Graphics Reuters, U.S ., Nikkei, Odey, Management, Scottish First, Scottish National Party ., Thomson Locations: Asia, Germany, Britain, Denmark, Czech Republic, Turkey, Singapore

☆ Odey Asset Management sets out replacement plans for Crispin Odey
▼ + stars: | 2023-06-11 | by ( ) www.reuters.com time to read: +1 min

LONDON, June 11 (Reuters) - Odey Asset Management Partnership has started its replacement plan for Crispin Odey after severing "personal and economic involvement" with the founder, following allegations of sexual misconduct, said a letter seen by Reuters on Sunday. Freddie Neave will take over full responsibility of the Odey European Inc (OEI) and OEI Mac funds. James Hanbury will assume leadership of the LP Odey Opus Fund and Oliver Kelton will take the Odey Pan European Fund. Odey Swan Fund will be taken on by Neave as an interim leader before a final fund manager is decided upon by the board, said the letter. The Financial Times and Tortoise, in a joint publication on Thursday, reported allegations by 13 women that Odey had sexually assaulted or harassed them over a 25-year period.

Persons: Crispin Odey, Freddie Neave, James Hanbury, Oliver Kelton, Neave, Odey, Nell Mackenzie, Marguerita Choy Organizations: Odey, Reuters, Sunday, Pan European, Financial Times, Thomson

☆ Crispin Odey Departs Hedge Fund He Founded After Sexual Abuse Allegations
▼ + stars: | 2023-06-10 | by ( Caitlin Mccabe | Margot Patrick | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, crispin, odey

☆ Factbox: Who are Crispin Odey and the hedge fund Odey Asset Management?
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +4 min

June 10 (Reuters) - Crispin Odey, one of Britain's best-known hedge fund managers, is leaving Odey Asset Management following allegations of sexual misconduct, the firm's executive committee said on Saturday. Here are some key facts about Odey, his London-based hedge fund, the allegations, and the fallout:WHO IS CRISPIN ODEY AND ODEY ASSET MANAGEMENT? Odey Asset Management (OAM) is known for highly leveraged bets trading global equities, debt, currencies and commodities. Besides Odey Asset Management, the group also runs Brook Asset Management and Odey Wealth, a private wealth unit. Brook Asset Management and Odey Wealth, both part of the Odey Group, are run by different portfolio managers such as James Hanbury and Peter Martin, the chief executive of Odey Asset Management.

Persons: Crispin Odey, Odey, CRISPIN ODEY, Kwasi Kwarteng, ODEY, James Hanbury, Peter Martin, Goldman Sachs, Morgan Stanley, Schroders, Carolina Mandl, Nell Mackenzie, Dhara Ranasinghe, Daniel Wallis Organizations: Odey, Management, Financial Times, WHO, Conservative Party, Odey Asset Management, Asset Management, Securities and Exchange Commission, Reuters, Financial, Authority, Inc, JPMorgan, UBS, Carolina, Thomson Locations: London, New York

NEW YORK/LONDON, June 10 (Reuters) - Crispin Odey, one of Britain's best-known hedge fund managers, will be leaving the company he founded, Odey Asset Management, following allegations of sexual misconduct, the firm's executive committee said on Saturday. Odey and Duncan Lamont, a consultant at law firm Charles Russell Speechlys, which represents Odey Asset Management (OAM), did not immediately respond to a Reuters request for comment about the hedge fund manager's departure. OAM will continue to operate without him and his partners will control and manage the asset management firm, the company said. It added it has been investigating allegations concerning Odey, but cannot comment in detail because it is bound by legal obligations of confidentiality. Odey told the FT on Saturday that he had been notified of the firm's position, adding: "You have to have (a) willing buyer, willing seller."

Persons: Crispin Odey, Odey, Duncan Lamont, Charles Russell Speechlys, Goldman Sachs, Morgan Stanley, Goldman, Carolina Mandl, Nell Mackenzie, Kirstin Ridley, Elisa Martinuzzi, Daniel Wallis Organizations: Odey Asset Management, Financial Times, Management, JPMorgan, Reuters, UBS, Conservative Party, Securities and Exchange Commission, Financial, Authority, Carolina, Thomson Locations: Brexit, British, New York, London

Odey Asset Management "does not recognise the picture of the firm that has been painted" by the allegations, it told investors in a letter seen by Reuters. Within hours of the report being published, Wall Street firms including Goldman Sachs (GS.N), JPMorgan (JPM.N) and Morgan Stanley (MS.N) began reviewing their prime broking ties with Odey Asset Management, sources familiar with the matter told Reuters. "We are confident our service providers will continue to work with us," an Odey Asset Management letter said later. Industry experts consulted by Reuters said that did not necessarily indicate a major change in culture in the City, however. A London employment tribunal last month awarded a former Algebris employee over 32,000 pounds in a sex harassment claim against the asset management company.

Persons: Crispin Odey, Odey, Goldman Sachs, Morgan Stanley, MS.N, Schroders, Evan Nierman, Megan Tobias Neely, Neely, retrained, Daniel Beunza, Davide Serra, Serra, Algebris, Yasmine Chinwala, Nell Mackenzie, Sinead Cruise, Naomi Rovnick, Dhara Ranasinghe, Rosalba O'Brien Organizations: Odey Asset Management, Financial Times, Tortoise Media, Reuters, Odey, Wall, JPMorgan, FT, Financial, Bayes Business, Labour Party, New, Thomson Locations: City, London, Britain, New York

☆ Odey offloads stake in UK Retailer AO, Sky News reports
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +1 min

June 10 (Reuters) - Odey Asset Management has sold its 19% stake in UK-based retailer AO World Plc (AO.L) to Frasers Group (FRAS.L), Sky News reported on Saturday. Frasers Group bought the stake for 75 million pounds ($94.27 million), the report said. Odey Asset Management, AO and Frasers Group did not immediately respond to a request for comment by Reuters. On Friday, asset managers Schroders Plc (SDR.L) and Canada Life moved to cut back their dealings with Odey Asset Management, citing allegations of sexual misconduct by its founder, Crispin Odey, that were published by the Financial Times and Tortoise Media a day earlier. Odey Asset Management told investors in a letter dated June 8, which was seen by Reuters, that it "does not recognise the picture of the firm that has been painted" by the allegations.

Persons: Crispin Odey, Goldman Sachs, Morgan Stanley, Jose Joseph, Urvi, Alex Richardson, Helen Popper Our Organizations: Odey, Management, Frasers, Sky News, Frasers Group, Reuters, Schroders, Odey Asset Management, Financial Times, Tortoise Media, JPMorgan, Thomson Locations: Canada, Bengaluru

☆ JPMorgan and Morgan Stanley review prime broking ties with Odey Asset Management -sources
▼ + stars: | 2023-06-08 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

LONDON, June 8 (Reuters) - JPMorgan (JPM.N) and Morgan Stanley (MS.N) are reviewing their prime broking relationships with Odey Asset Management after allegations of sexual misconduct and bullying by Crispin Odey reported by the Financial Times and Tortoise Media on Thursday, sources familiar with the matter said. A source familiar with the matter told Reuters JPMorgan was also reviewing its relationship with Odey Asset Management. A source at one of the banks said the allegations of misconduct at Odey Asset Management conflicted with their standards. Morgan Stanley and JPMorgan declined to comment. Odey Asset Management did not respond immediately to a phone call and email requesting comment.

Persons: Morgan Stanley, Crispin Odey, Odey, Morgan Stanley's, Nell Mackenzie, Elisa Martinuzzi, Dhara Ranasinghe, Catherine Evans Organizations: JPMorgan, Odey, Management, Financial Times, Tortoise Media, FT, Reuters, Odey Asset Management, Thomson Locations: Brexit

☆ Opinion | Can the Writers’ Strike Fix Hollywood?
▼ + stars: | 2023-05-20 | by ( Ross Douthat | ) www.nytimes.com time to read: +2 min

A somewhat more pessimistic analysis, offered by writers like Sonny Bunch and Jessa Crispin, emphasizes that the superhero-sweatshop corporate strategy evolved because it’s giving audiences what they want. And so even if the strike is an opportunity for reconsiderations, it’s probably not a lever that can change the system as a whole. Personally I would like to see the strike lever a different Hollywood system into being. (HBO’s “Westworld,” for instance, or lately Showtime’s “Yellowjackets.”) Sometimes they play like thin imitations of the previous decade’s antihero dramas. Or they take on the character of the theatrical experience but somewhat worse — with too-big-to-fail franchises that nobody really enjoys.

☆ A week after Congo floods, volunteers dig through debris for bodies
▼ + stars: | 2023-05-12 | by ( Crispin Kyala | ) www.reuters.com time to read: +2 min

BUSHUSHU, Democratic Republic of Congo, May 12 (Reuters) - With shovels, sticks and bare hands, Red Cross volunteers struggled to clear caked mud from around a body half buried in a landslide in Bushushu village in eastern Democratic Republic of Congo. A week after torrential rains triggered deadly floods, the workers said they were exhausted and running out of equipment. But they keep finding corpses under piles of debris, buried in hillsides, floating in waterways and the nearby lake. It's a serious problem," Désiré Yuma Machumu, head of the Red Cross in Congo's South Kivu province, said. On Thursday, Reuters watched the volunteers painstakingly recover 17 bodies.

☆ Philippine court acquits top critic of ex-president Duterte's 'war on drugs'
▼ + stars: | 2023-05-12 | by ( Adrian Portugal | ) www.reuters.com time to read: +3 min

De Lima has spent the past six years in detention, five of which as senator, and has one more case pending. "Glorious day, glorious day, beginning of my vindication," she added. Duterte has accepted the court judgement, Salvador Panelo, his legal counsel during his administration, said in a statement on Saturday. "Freeing her now is critical so she can return to her family, leaving the injustice of years behind bars in pre-trial detention caused by Duterte's vengeful cruelty," he said. "The charges against Leila de Lima are bogus and the result of the peaceful exercise of her right to freedom of expression.

☆ Corpses pile up after nearly 200 killed in Congo floods
▼ + stars: | 2023-05-05 | by ( Crispin Kyala | ) www.reuters.com time to read: +2 min

The rainfall in Kalehe territory in South Kivu province caused rivers to overflow on Thursday, inundating the villages of Bushushu and Nyamukubi. South Kivu governor Théo Ngwabidje Kasi put the death toll at 176 and said that others were still missing. Floods and landslides are not uncommon in South Kivu, which shares a border with Rwanda. Heavy rains also triggered flooding and landslides in Rwanda this week, killing 130 people and destroying more than 5,000 homes. The last incident of a similar scale in Congo occurred in October 2014, when heavy rainfall destroyed over 700 homes.

☆ Employee Monitoring and Surveillance
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +50 min

Ensuring Employee Safety and Systems SecurityEmployers may use electronic workplace monitoring and surveillance to protect their:Worksites. Potential Liability for Electronic Workplace Monitoring and SurveillanceEmployers that engage in electronic workplace monitoring and surveillance must comply with various federal and state laws, including:The Wiretap Act. Best Practices for Electronic Workplace Monitoring and SurveillanceTo avoid violating relevant state and federal laws, before conducting workplace monitoring and surveillance, employers should:Consider the purpose and appropriate scope of their monitoring and surveillance activities and what methods will help them achieve their objectives. Determine the Purpose of Workplace Monitoring and SurveillanceBefore conducting any workplace monitoring or surveillance, best practice is for employers to identify the purpose and goals of these activities to:Ensure that there is a legitimate business purpose for the planned monitoring and surveillance activities. Determine the scope of monitoring and surveillance necessary to accomplish the business purpose, and conduct only the minimum monitoring and surveillance necessary to meet that business need.

☆ Trapped miners in east Congo tumble out of rubble intact in viral video
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

The video shows a man precariously perched on the side of a steep slope of rubble, frantically digging with a spade while a group of other men stand in a large circle around him, watching. The rescuer is then seen redoubling his efforts, forsaking the spade to dig through the rubble with his bare hands. Another miner soon appears, then another, and within two minutes a total of nine men have come out alive and well. Two miners died in a similar incident at a nearby informal digging site in early March. Reporting by Sonia Rolley; Editing by Sofia Christensen, Estelle Shirbon and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Commodity trading advisers (CTAs) - funds that try to profit by buying or selling when there is a clear direction in markets - slumped 4.3% in the three days to Monday, according to analysis from UBS. "We have seen certainly on (last) Friday and Monday capitulation trades from hedge funds, so all hedge funds have been short duration positioned and we have heard a lot of desks needed to shut down their risk," said Kaspar Hense, a senior portfolio manager at BlueBay Asset Management. Hedge funds felt this "brutally" in Japanese markets, Hense said, where positioning from hedge funds and CTAs had been particularly "one sided" in anticipation of an end to the Bank of Japan's yield curve control policy. British macro hedge fund manager Crispin Odey's main fund posted a minus 4.7% February performance and is down 3% so far this year, said a note from his hedge fund to clients. Very few macro economic funds tracked by bank research seen by Reuters have reported March numbers.

☆ African artists show support for east Congo conflict at music festival
▼ + stars: | 2023-02-14 | by ( Crispin Kyalangalilwa | ) www.reuters.com time to read: +1 min

[1/5] Revellers attend the 9th edition of the AMANI festival with the aim of conveying messages of peace, entrepreneurship and environmental protection at the Athenee d'Ibanda in Bukavu, eastern Democratic Republic of Congo February 10, 2023. REUTERS/Crispin KyalangalilwaBUKAVU, Democratic Republic of Congo, Feb 14 (Reuters) - Artists from across Africa performed at the "Amani" festival in eastern Democratic Republic to show support for victims of conflict despite growing insecurity in the area. "Our mission is to be there with you," he told a jubilant crowd in the city of Bukavu during the event. The Amani festival, which means "peace" in Swahili, usually takes place in Goma, capital of North Kivu province. Reporting by Crispin Kyalangalilwa; Writing by Sonia Rolley; Editing by Sofia Christensen and Alison Williams;Our Standards: The Thomson Reuters Trust Principles.

☆ Children accused of witchcraft find solace in east Congo shelter
▼ + stars: | 2023-02-08 | by ( Crispin Kyala | ) www.reuters.com time to read: +3 min

REUTERS/Crispin KyalangalilwaBUKAVU, Democratic Republic of Congo, Feb 8 (Reuters) - After Ornella lost several family members within three years, relatives and neighbours in her east Congo village of Kabare began suspecting the 14-year-old girl of witchcraft. Hundreds of thousands of children across the continent are accused of witchcraft each year, according to a 2022 report by the African Child Policy Forum, an independent research group. "Here are at Eka Bana ... they show me that every child has rights," she told Reuters. Children who end up in Eka Bana are usually first taken in by the police, who either find them on the street or receive them from family members. Eka Bana Director Natalia Isella said it was often Evangelical pastors who convinced followers that a "witch" in the family was causing their problems.

☆ London's luxury home sellers turn to WhatsApp as private sales surge
▼ + stars: | 2023-01-30 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesLONDON — In trying times for the U.K. real estate market, a growing number of Londoners are opting for novel means of buying and selling their properties, with WhatsApp emerging as a new home for luxury listings. But the figure also marks a continued rise in private property sales in recent years. Private sales have also risen nationwide over the period, though to a lesser extent. Private prime real estate sales lead the chargeLondon's luxury real estate market, in particular, has led the off-market trend. James Myers, director of London-based prime real estate agency Oliver James, told CNBC an increasing number of high-end private transactions are also being conducted via messaging tools like WhatsApp.

☆ Philippines defiant, says won't cooperate with ICC investigation
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +4 min

Jesus Crispin Remulla said the ICC should not impose on the Philippines, which is no longer a signatory to the international tribunal. The ICC, which had suspended the investigation in November 2021 at Manila's request, said in a statement it was "not satisfied that the Philippines is undertaking relevant investigations that would warrant a deferral of the investigation." Current Philippine President Ferdinand Marcos Jr and the vice president, who is Duterte's daughter, did not comment on the latest ICC decision. Human Rights Watch said the ICC investigation was the only credible path to justice for victims and their families. Families of many drug war victims are still seeking justice in long, drawn-out cases.

☆ Pitch Decks That Advertising Tech Startups Used to Raise Millions
▼ + stars: | 2023-01-10 | by ( Business Insider | ) www.businessinsider.com time to read: +19 min

Check out these pitch decks that they've used to sell their vision and raise millions from private equity and VC investors. Blocking ad fraudAdtech startup Lunio, announced a $15 million Series A funding round in September 2022. In May 2022, the software-as-a-service startup raised a $30 million Series B round, led by Insight Partners. Marketing in the metaverseAnima, an augmented-reality startup, raised a $3 million funding round from investors in Janury. He raised $50 million in Series D after closing a $34 million Series C last year, bringing its total raised to $100 million.

☆ Congolese artist paints politicians' portraits in plastic
▼ + stars: | 2023-01-05 | by ( Crispin Kyala | ) www.reuters.com time to read: +2 min

[1/4] Congolese artist Patrick Cikuru Cirimwami applies finishing touches on portrait images of Congolese leaders, made from plastic waste, which he melts after collecting it near the banks of the Ruzizi I hydroelectric plant, in Bukavu, eastern Democratic Republic of Congo December 15, 2022. REUTERS/Crispin KyalangalilwaBUKAVU, Democratic Republic of Congo, Jan 5 (Reuters) - Near the banks of Lake Kivu in eastern Democratic Republic of Congo, artist Patrick Cikuru Cirimwami wades knee-deep through a mountain of plastic bottles, scooping as many as he can carry into a large sack. Later he will melt down the plastic to make a thick liquid which he uses to paint portraits of politicians - intended to be a condemnation of what he says is their inaction in protecting the environment. As a Congolese artist, I can send a message," said the 26-year-old. Congo, like other African nations, has insisted on its right to develop its economy by exploiting its vast natural resources.

A majority of the 10 global asset and hedge fund managers surveyed by Reuters said commodities are undervalued and should thrive as global inflation stays elevated in 2023. Preqin said just 915 hedge funds were launched in 2022, the lowest in 10 years. "It's the perfect environment for macro hedge funds: central bank policy divergence, interest rate differentials, geopolitical tension, bottlenecks and each country on its own. Macro hedge funds led the industry performance through November, according to financial data firm HFR, up roughly 8%. Lyons is keen to allot more to macro hedge funds and also thinks there are good opportunities in corporate credit.

☆ Landslide kills at least 8 people in eastern Congo
▼ + stars: | 2022-12-31 | by ( ) www.reuters.com time to read: +1 min

Dec 31 (Reuters) - A landslide crushed at least eight people and seriously injured nine others near an artisanal mine in eastern Democratic Republic of Congo on Friday, a local official told Reuters on Saturday. Landslides are relatively common in the hilly slopes of eastern Congo where heavy rains can saturate and loosen soil. But they are more likely to occur if soil has been disturbed by mining, tree-felling or construction. In December, intense rains in Congo's capital Kinshasa caused flooding and landslides that killed around 170 people. Reporting by Crispin Kyalangalilwa; Writing by Alessandra Prentice; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

☆ Hedge Fund Bets Against Hong Kong’s Dollar Peg Have a Long History—and Little Success
▼ + stars: | 2022-12-19 | by ( Matthew Thomas | ) www.wsj.com time to read: 1 min

When Bill Ackman revealed last month that he was betting the Hong Kong dollar’s peg to the greenback would break, he became the latest in a long line of speculators who have made similar wagers. Hedge funds have made bets against the longstanding currency peg going back to the Asian financial crisis. High-profile fund managers including Crispin Odey and Kyle Bass are among those who have previously taken positions that the peg couldn’t last. Mr. Ackman’s fund, Pershing Square Capital Management, even once made a bet from the opposite side more than a decade ago. Boaz Weinstein , the founder of Saba Capital Management LP, is betting alongside him this time.

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