Odey Asset Administration says FCA ‘won’t be taking any motion’ after closing probe

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The Monetary Conduct Authority has closed its investigation into Odey Asset Administration and “won’t be taking any motion,” stated the agency on Tuesday.

Odey Asset Administration introduced in October it was shutting down, 5 months after allegations of sexual assault and harassment in opposition to its founder, Crispin Odey, plunged one in all London’s oldest hedge fund teams into disaster.

A Monetary Instances investigation in June reported claims from 13 girls in opposition to Crispin Odey over alleged sexual misconduct carried out over a long time. The financier, who strenuously denies the allegations, was ejected from the partnership. Banking companions, together with Morgan Stanley and JPMorgan, minimize ties and inside per week, the agency introduced it was breaking apart. 

In July, the FCA issued its first public affirmation of its investigation into Odey Asset Administration, in addition to its founder. 

On the time, Nikhil Rathi, chief government of the UK monetary regulator, wrote in a response to the Treasury choose committee that the investigation into Crispin Odey was centered on “allegations that he dismissed OAM’s government committee for an improper goal” and whether or not he was a “match and correct individual” to work in monetary companies.

The regulator additionally stated it was whether or not he had “didn’t comply” with conduct guidelines on integrity, due ability, care and diligence.

Crispin Odey fired the hedge fund’s government committee in 2021, a call he took after they tried to deliver disciplinary proceedings in opposition to him for violating a last written warning concerning his conduct in the direction of feminine workers.

The FT’s earlier reporting, which uncovered a tradition of complicity at the agency, revealed the agency had settled misconduct allegations in opposition to its founder way back to 2004 and had different complaints in opposition to him on file from 2005 and 2020. By 2021, the agency was conscious of 5 girls who made complaints to human assets about sexual assault or harassment by the financier.

After the FT revealed its investigation in June, seven additional girls then got here ahead with comparable allegations of assault or harassment in opposition to Crispin Odey, increasing the timeline of his alleged abuse to a interval of 5 a long time, from 1985 to 2021.

The financier didn’t reply to a request for remark concerning the primary six of those later complaints. In response to the final, concerning an incident in 2005, he admitted he did “seize” his feminine worker’s breasts however stated it was because of the aftereffects of anaesthetic he had been given on the dentist that day.

Of the 20 girls in whole who introduced allegations in opposition to the financier, 13 had been workers of the agency. 

The FCA has now closed its investigation into OAM, Rathi wrote to the Treasury committee this month. 

The letter stated: “The agency has introduced that it’s winding down its enterprise and we proceed to oversee the agency because it does so. It stays open to us to think about taking enforcement motion sooner or later in relation to issues regarding our investigation into OAM, ought to new info come to our consideration.” 

Rathi advised the choose committee final week that the investigation into Crispin Odey himself “stays ongoing, given the conduct beneath investigation pertains to him.”

Crispin Odey didn’t instantly reply to a request for remark.

Extra reporting by Laura Noonan in London



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