Crispin Odey to leave hedge fund after sexual misconduct claims, partners say

Partners at a prominent finance firm have said its founder, Crispin Odey, is leaving after sexual harassment allegations.

Crispin Odey, who founded Odey Asset Management in 1991, strenuously denies the claims

The move follows a Financial Times report that 13 women had accused Mr Odey of sexual harassment or assault over 25 years.

Mr Odey strenuously denies the claims. He told the paper they were "rubbish" and hinted he could resist the move.

The hedge fund said it took allegations of misconduct "extremely seriously".

For more than three decades Mr Odey had been at the helm of the hedge fund he founded in 1991 - at its peak the firm managed more than £10bn worth of investments.

Mr Odey, a prominent Brexit backer, claimed to have made hundreds of millions of pounds as sterling plummeted in the aftermath of the referendum vote.

On Thursday, the Financial Times reported that the allegations dated back to 1998 and the latest alleged incident was in December 2021.

Mr Odey said this week that "none of the allegations have been stood up in a courtroom or an investigation".

Speaking to the Financial Times on Saturday, he also suggested he could fight the firm's decision. "You have to have [a] willing buyer, willing seller," he told the paper.

A statement from Odey Asset Management executive on Saturday said that Mr Odey would be leaving.

"As from today, he will no longer have any economic or personal involvement in the partnership," it said.

"Odey Asset Management Group Ltd will also cease to be a member and the partnership will now be owned and controlled by the remaining partners and managed as an independent legal entity."

The executive committee said the firm's policies and procedures "have been followed at all times".

"The firm has been investigating allegations concerning Mr Odey, but the firm cannot comment in detail as it is bound by legal obligations of confidentiality."

Odey Asset Management said it had been "fully transparent" with the regulator Financial Conduct Authority (FCA) and would contact clients over the weekend.