For three decades, Crispin Odey stood above London’s financial community, a larger-than-life financial mogul who was known for taking huge bets — and raking in big profits when they proved right.
But in a little more than a week, his hedge fund is suddenly on the brink of dissolution, felled by the latest accusations of sexual assault and harassment against its 64-year-old founder.
The firm, Odey Asset Management, said on Thursday that it was in “advanced discussions” to transfer funds and staff to other firms.
The reason, it noted with perhaps extreme understatement, was that it had “become clear that some investment management activities of the partnership are affected by recent events.”In a sign that investors were losing confidence in the company, Odey Asset Management said it would shut down one of its funds and had halted investors from withdrawing their money from others, after what the firm described as “a sizable level of redemption requests.” In the hedge fund world, such a move, known as “gating,” is considered a drastic step meant to avoid the equivalent of a run on the bank.
Persons:
Crispin Odey, ”
Organizations:
Odey Asset Management, Odey, Management
Locations:
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