Crispin Odey’s main hedge fund will be run by his co-manager Freddie Neave following a decision by Odey Asset Management to remove its founder who is facing fresh assault allegations.
(Bloomberg) — Crispin Odey’s main hedge fund will be run by his co-manager Freddie Neave following a decision by Odey Asset Management to remove its founder who is facing fresh assault allegations.
Neave will manage the Odey European Inc. and OEI MAC hedge funds, while James Hanbury will run the Odey Opus fund. Oliver Kelton has been given the responsibility to manage Odey Pan European Fund, according to a letter to investors seen by Bloomberg on Sunday.
The move follows Odey Asset Management’s decision to remove Crispin Odey from the partnership on Saturday, marking a swift fallout for the famed hedge fund manager since the Financial Times published an investigation Thursday into his treatment of women over a 25-year period.
This means that the partnership is now entirely unconnected to the Odey Group, which continues to be majority owned by Mr Odey.
Read more: Odey Sacked From His Hedge Fund Firm After Assault Allegations
“We have been in regular communication with the FCA throughout this process,” the firm said in the letter. “We have also been in constructive dialogue over the weekend with our key counterparties, including the prime brokers.”
Prior to Odey’s ouster, the firm had been scrambling to reassure clients and business partners after some firms pulled money and major investment banks started distancing themselves.
Morgan Stanley had begun the process of terminating its prime-brokerage relationship with Odey, people familiar with the matter told Bloomberg. JPMorgan Chase & Co. and Goldman Sachs Group Inc. were also reviewing their relationships in light of the claims, the people said, asking not to be identified because the details are private.
Read more: Clients, Banking Partners Retreat From Odey After Allegations
Odey Asset Management is also considering options for the Odey Swan Fund, including a possible closure of the fund, according to the letter. The fund will continue to be managed by Neave in the mean time.
(Updates with further details from letter, background.)
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.