The UK’s Financial Conduct Authority has imposed restrictions on the movement of cash and assets by Odey Asset Management in an attempt to restore order after the ouster of its founder, the Financial Times reported, citing two people with knowledge of the matter.
(Bloomberg) — The UK’s Financial Conduct Authority has imposed restrictions on the movement of cash and assets by Odey Asset Management in an attempt to restore order after the ouster of its founder, the Financial Times reported, citing two people with knowledge of the matter.
The financial regulator will publish details of the voluntary restrictions agreed with Odey Asset Management on Monday, according to the newspaper. Odey Wealth Management, an associate firm, has also agreed to the restrictions.
Among the restrictions, the FCA will require pre-approval for transactions above a certain level, other than in the normal course of business, the newspaper reported, citing one of the people. The FCA, Odey Asset Management and Odey Wealth Management declined to comment to the FT.
Odey Asset Management was plunged into turmoil earlier this month, after the FT published allegations of sexual harassment and assault by its founder Crispin Odey, who denies the allegations. Even after severing ties with Odey, the firm has had to take dramatic steps to contain the fallout, including shuttering one fund and suspending withdrawals from four others.
Read more: Odey’s One-Week Downfall Was Decades in the Making
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