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HomeEconomyPartners at Crispin Odey's hedge fund bid to oust him

Partners at Crispin Odey’s hedge fund bid to oust him

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Partners of Crispin Odey’s eponymous hedge fund firm have made a bid to oust him as the firm scrambles to distance itself from the founder following allegations of sexual misconduct against him.

The high-profile financier and his firm were in the midst of a growing crisis after the Financial Times reported on Thursday that 13 women alleged that Odey had sexually assaulted or harassed them in various incidents over a 25-year period.

Odey’s other partners want to buy out his majority stake in the company, a person familiar with the situation told the FT.

Odey was reached by phone Saturday afternoon and confirmed he had been advised of the company’s intention to fire him, but suggested he fight it. “You have to have (a) willing buyer, willing seller,” he said. He made no additional comment.

A former partner said of Odey: “The emperor now has no clothes and is losing his powers. It is very nice not to be here anymore.”

He added: “They had to get rid of him. He has to go clear. In the end, the boss got a push for going too far.”

Odey Asset Management could not be reached for comment.

Odey stepped down as co-chief executive of the company in November 2020, but remained the majority shareholder. In the same month, Brook Asset Management was founded and nearly half of the firm’s funds, including those of star partners James Hanbury and Oliver Kelton, were rebranded under the Brook name.

Several major financial institutions had already taken steps to cut ties with the company in response to the FT’s reporting.

Exane, which is owned by French bank BNP Paribas, informed Odey Asset Management on Thursday that it was ending the relationship. Goldman Sachs began on Friday by dissolving its relationship, including with Brook Asset Management.

The last time Odey’s executive committee tried to punish him for his behavior towards women, after he broke a “final written warning” in 2021 that prohibited him from behaving inappropriately towards female staff, he fired them.

The new executive committee consists of Peter Martin, chief executive, and Michael Ede, chief financial and operating officer.

According to the former partner, it will be complicated to take Odey out of the company he founded because of the “complicated structure” with different holding companies within the group legally linked. The back office, legal affairs, compliance and marketing departments are shared.

Merryhttps://whatsnew2day.com/
Merry C. Vega is a highly respected and accomplished news author. She began her career as a journalist, covering local news for a small-town newspaper. She quickly gained a reputation for her thorough reporting and ability to uncover the truth.

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