Odey Asset Management is closing its wealth business, the UK’s Financial Conduct Authority said, months after its founder Crispin Odey was accused of sexual misconduct.
“We will work closely with the firm as it winds down, to ensure clients are treated fairly,” the regulator said in an email after the Financial Times reported the move earlier.
The embattled asset manager, which didn’t immediately respond to a request for comment, has been shutting many funds as part of a reorganization in the wake of the sexual assault allegations against Odey, as numerous banks cut ties and investors raced toward the exit.
The 64-year-old former executive, who was ousted from his eponymous former firm, has disputed the allegations.
Photograph: The Odey Asset management website. Photo credit: Daniel Leal/AFP/Getty Images
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