Odey Flagship Fund to Be Run by Neave After Founder’s Ouster

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’s 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’s 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 the Odey Pan European Fund, according to a letter to investors seen by Bloomberg on Sunday. 

Odey Asset Management is also discussing restrictions on investor withdrawals from its EU funds as part of emergency measures to contain the fallout, the Financial Times reported Sunday. The company, which has about $4.4 billion of assets under management, could also decide to impose restrictions on other funds if necessary to protect investors, the newspaper said.

Odey Asset Management on Saturday removed Crispin Odey from the partnership, marking a swift fallout for the famed hedge fund manager since the FT published an investigation Thursday into his treatment of women over a 25-year period. The partnership is “entirely unconnected” to the Odey Group, which continues to be majority owned by Odey, the firm said.

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 FT report in third paragraph.)

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