Topline
British hedge fund manager Crispin Odey will be leaving the company he founded, Odey Asset Management, after 13 women alleged he had sexually assaulted or harassed them across 25 years, multiple outlets are reporting, though Odey denies the allegations.
Crispin Odey was dismissed from Odey Asset Management, a hedge fund he founded, after 13 women … [+]
Key Facts
Odey Asset Management’s executive committee said in a statement Saturday “he will no longer have any economic or personal involvement in the partnership,” Reuters reported.
The hedge fund will continue operations while investigating the allegations, but said leadership cannot comment in detail because of legal obligations and confidentiality.
The Financial Times and Tortoise Media reported Thursday that 13 women who worked at OAM or had dealings with Odey accused him of sexual harassment or assault.
The report also revealed an internal investigation in 2021 found Odey had acted inappropriately toward women and the company placed restrictions on his interactions with women, but he fired the executive team after they tried to discipline him for possibly violating the restrictions.
Key Background
Odey, 64, founded OAM—which now oversees about $5 billion—in 1991 before growing to become one of the world’s most successful hedge fund managers. In 2018, Forbes estimated Odey earned $200 million, making him the 14th highest-earning hedge fund manager worldwide. But throughout his success, Odey has faced a number of sexual misconduct accusations. Two years ago he was on trial after a female junior banker claimed he “lunged” at her and touched her breast, according to the Financial Times, but he was acquitted. In 2020, he briefly stepped down from leading OAM while fighting an indecent assault charge before he was cleared of that charge, too. Odey said the latest allegations in the Financial Times report—which date back to 1998 and range from a woman claiming Odey masturbated on her to a woman saying he forced her to touch his penis—were “rubbish” and his lawyers said he “strenuously disputed” the allegation.
Further Reading
How Crispin Odey evaded sexual assault allegations for decades (Financial Times)
Crispin Odey to leave hedge fund he founded after assault allegations (Reuters)
Hedge Funds Meet Their #MeToo Moment (Washington Post)
Banks may cut ties with Odey firm over sex assault claims (The Times)
Source: https://www.forbes.com/sites/mollybohannon/2023/06/10/hedge-fund-founder-odey-out-after-sexual-assault-harassment-claims/