Odey Asset Management - including subsidiaries Brook Asset Management and Odey Wealth - is to close down following sex scandal accusations that engulfed its owner Crispin Odey earlier this year.

The Financial Conduct Authority has restricted the movement of cash and assets from Odey Asset Management (FRN: 214843) according to an update to the FCA Register published today.

Odey Asset Management is to be effectively partially dismantled and its funds and staff moved to other managers following concerns about the company over a reported FCA investigation.

The executive committee of Odey Asset Management LLP - the partnership which runs Odey AM - has removed founder Crispin Odey from the partnership following allegations in the Financial Times about Mr Odey and governance at the investment firm.