Odey still has £600m of his own money in a hedge fund despite being ousted over sexual assault and harassment allegations
Crispin Odey still has around £600 million invested in the hedge fund he founded despite being ousted over sexual misconduct allegations.
Partners of Odey Asset Management removed the high-profile magnate this weekend.
They also promised to completely rebrand the company to stay afloat.
But despite his departure, the Mail can reveal that Odey, 64, still has a huge amount of money invested in the company.
Based in Mayfair, London, Odey Asset Management has £3.5 billion in assets under management, of which £1 billion is in funds previously managed by Odey.
Disowned: Partners at Odey Asset Management removed the Crispin Odey (pictured) from the fund he founded this weekend over allegations of sexual harassment against 13 women
It is clear that Odey has £600 million of his own money in his funds, which have now been taken over by other investment managers.
The Odey Group has a number of different entities, including that of the boutique asset management company Brook Asset Management, a subsidiary.
A spokesman for Odey Asset Management said yesterday that its funds were functioning normally and it was not stopping investor withdrawals.
The company founder was ousted on Saturday after a report published last week in the Financial Times revealed allegations of sexual harassment against 13 women over a 25-year period.
A statement from Odey Asset Management said the founder “will no longer have any economic or personal involvement” in the company’s partnership, which will now be owned and controlled by the remaining partners.
The move came after a string of Wall Street banks — including Morgan Stanley, JP Morgan and Goldman Sachs — said they were reviewing or cutting ties with their relationship with Odey Asset Management.
Discussions are now underway as to whether the three banks — which act as the company’s prime brokers — can be lured back. Internally, there is hope that the series of management changes announced by the company will help restore its reputation.
This included appointing new managers to oversee the funds Odey managed.
He claimed he had been issued a “clean bill of health” by the FCA earlier this year.
Odey Asset Management said it “remains regulated by the FCA,” with which it is in “regular communication” since the new allegations of misconduct came to light.
In an interview with The Mail on Sunday last week, Odey said he was the victim of an “aggressive campaign”.
When asked about the harassment and assault allegations, he admitted to massaging a colleague’s back, but said it was ‘not a criminal offence’.
He compared himself to ousted Tesco chairman John Allan, who was forced to resign after four women raised allegations about his personal behaviour.
A staunch Brexit supporter, Odey founded his investment company in 1991. He made his name betting on bank stocks during the 2008 financial crisis.
He was previously accused of assaulting a female investment banker at his London home in 1998 but was acquitted.
After the 2020 trial, Odey divorced his wife of 30 years, Nichola Pease, citing “public humiliation” over the case.