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 company announced today that it will be closing down and fund managers and funds moved to new asset managers.

In June the company announced that it would be effectively dismantled following concerns about a reported FCA investigation.

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

The FT reported allegations that Odey AM has been under investigation by the FCA for two years over a number of issues, including suggestions that founder Crispin Odey behaved inappropriately towards 13 women over a 25 year period.

Among the fund managers and funds being moved or closed down:

James Hanbury and Jamie Grimston and the following funds have moved to Lancaster Investment Management

• LF Brook Absolute Return Fund
• Brook Absolute Return IRL Fund
• Brook Developed Markets Fund
• Brook Absolute Return Focus Fund
• LF Odey Opus Fund

Oliver Kelton and the following funds have moved to SW Mitchell Capital

• Brook European Focus Fund
• LF Brook Continental European Fund
• Brook European Focus Absolute Return Fund
• Odey Pan European Fund

Odey Swan Fund is currently housed at SWMitchell as the remaining assets are sold. The fund is in the process of fully closing.

Freddie Neave has moved to Bainbridge Partners.

Status of the funds managed by Freddie Neave:

• Odey European Inc. will be consolidated into a new fund run at Bainbridge Partners. Investors who have opted in will move into the new fund.
• OEI Mac will be consolidated into a new fund run at Bainbridge Partners. Investors who have opted in will move into the new fund.

Geoffrey Marson and the Odey Opportunity Fund have moved to Canaccord Genuity in Guernsey.

Adrian Courtenay and the Odey Special Situations Fund have moved to Green Ash Partners.

The Brook Global Emerging Markets Fund, managed by Sophia Whitbread and Mathieu Rachmaninoff, has closed and the LF Odey Portfolio Fund, managed by Peter Martin, has also closed.

Odey Asset Management LLP itself is in the process of winding down. All funds have been transferred to new asset managers although staff are remaining to wind down the business.

Odey Wealth Management UK Ltd is in the process of winding down. Investor funds are being returned and/or transferred. 

Odey Wealth Management CI is in the process of winding down. Investor funds are being returned and/or transferred. 

Mr Odey was found not guilty of indecent assault in 2021 in relation to an incident alleged to have taken place in 1998. 

Odey Asset Management CEO Peter Martin said in June that the firm did not recognise the picture of the business portrayed by the FT. However, he said the firm was treating any such allegations “extremely seriously.”