Crispin Odey's Fund Breaks up, JPMorgan Cuts Ties Over Sexual Harassment
source link: https://markets.businessinsider.com/news/stocks/crispin-odey-hedge-fund-london-sexual-harassment-jpmorgan-morgan-stanley-2023-6
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London's embattled hedge fund to be broken up as Wall Street banks cut ties over sexual harassment allegations
- London-based hedge fund Odey Asset Management will break itself up, it said in a letter to investors Thursday.
- Its founder Crispin Odey was accused of sexual harassment by 13 women in a Financial Times investigation published last week.
- JPMorgan and Morgan Stanley both cut ties with the asset manager after the allegations broke.
Embattled Odey Asset Management is to break itself up after high-profile Wall Street names JPMorgan and Morgan Stanley cut ties with the London-based hedge fund in the wake of a string of sexual harassment allegations against its founder.
The asset manager said in a letter to investors Thursday that it would shift its funds and certain employees to other investment groups, with its business "affected by recent events".
The firm's founder Crispin Odey was accused of sexual harassment or assault by 13 women in a Financial Times investigation published last week.
Odey told the FT that the allegations were "rubbish" when reached by phone, while a law firm representing him later said he "strenuously disputed" the 13 women's claims.
Investment powerhouses JPMorgan, Morgan Stanley, and UBS have all since cut ties with the hedge fund, whose executive committee said on June 10 that Odey would no longer be involved with the company he founded in 1991.
The Financial Conduct Authority, the UK watchdog for financial services sector is also understood to be preparing to launch an investigation into Odey in the wake of the FT's report, according to multiple publications.
Odey was known for taking bearish stances on the global economy, particularly in making several high-profile bets against the British pound.
He shorted sterling ahead of the UK leaving the European Union – despite having been a prominent backer of Brexit.
Odey also benefited from the UK's market meltdown last year, making big bets against gilts – government bonds – with then-prime minister Liz Truss's proposed tax cuts threatening economic ruin.
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