The
Monetary Conduct Authority (FCA) has determined to not take motion in opposition to Odey
Asset Administration (OAM), the fund supervisor that shuttered its operations
earlier this 12 months following a number of allegations of sexual misconduct in opposition to
its founder, Crispin Odey.
In
an investor letter disclosed at this time (Tuesday), OAM confirmed the FCA’s
decision, citing the closure of the regulatory investigation. The FCA’s CEO,
Nikhil Rathi, revealed in a letter to lawmakers on the Treasury Choose
Committee that the investigation into Odey and OAM had been ongoing since 2021.
The
FCA, whereas declining additional remark, referred to its official letter,
specifying that the investigation into Odey Asset Administration had concluded, however
the probe into Odey’s conduct stays energetic.
OAM,
a hedge fund within the UK, disclosed that it has accomplished its wind-down course of,
with its ultimate consumer relationship terminating on December 12.
Odey, the
founder ousted in June amid allegations of sexual misconduct from a number of
ladies, continues to disclaim the accusations. The FCA is concurrently inspecting
Odey’s health and propriety to function in monetary companies.
The
regulatory determination comes amid a difficult interval for OAM, highlighting
broader issues about accountability and governance throughout the monetary
trade. Odey’s denial and the continued regulatory scrutiny underscore the
complexities surrounding the intersection of private conduct {and professional}
obligations within the monetary sector.
Odey Asset Administration says FCA ‘won’t be taking any motion’ after closing probe https://t.co/L9rkxmcdMG
— Monetary Occasions (@FT) December 19, 2023
Fund Restructuring: Odey’s Closure and Asset Switch
Overview
Finance Magnates
reported earlier that Odey
was closing its doorways lower than six months after its Founder, Odey, confronted
sexual misconduct allegations. The closure, triggered by the controversy
surrounding Odey’s ousting in June amid allegations from 13 ladies,
prompts a big restructuring. All funds, together with subsidiaries like
Brook Asset Administration and Odey Wealth, are transferred to different asset
managers.
Key fund managers, similar to James Hanbury and Jamie
Grimston, transfer to Lancaster Funding Administration, whereas Oliver Kelton’s funds
are actually underneath S.W. Mitchell Capital. The scandal led to severed ties with
banking companions and investor withdrawals, lowering the fund’s belongings from
$13.3 billion to $3.8 billion. Authorized challenges loom as two alleged victims
file a lawsuit in opposition to Odey and the agency for damages associated to private harm
and psychological hurt.
The
Monetary Conduct Authority (FCA) has determined to not take motion in opposition to Odey
Asset Administration (OAM), the fund supervisor that shuttered its operations
earlier this 12 months following a number of allegations of sexual misconduct in opposition to
its founder, Crispin Odey.
In
an investor letter disclosed at this time (Tuesday), OAM confirmed the FCA’s
decision, citing the closure of the regulatory investigation. The FCA’s CEO,
Nikhil Rathi, revealed in a letter to lawmakers on the Treasury Choose
Committee that the investigation into Odey and OAM had been ongoing since 2021.
The
FCA, whereas declining additional remark, referred to its official letter,
specifying that the investigation into Odey Asset Administration had concluded, however
the probe into Odey’s conduct stays energetic.
OAM,
a hedge fund within the UK, disclosed that it has accomplished its wind-down course of,
with its ultimate consumer relationship terminating on December 12.
Odey, the
founder ousted in June amid allegations of sexual misconduct from a number of
ladies, continues to disclaim the accusations. The FCA is concurrently inspecting
Odey’s health and propriety to function in monetary companies.
The
regulatory determination comes amid a difficult interval for OAM, highlighting
broader issues about accountability and governance throughout the monetary
trade. Odey’s denial and the continued regulatory scrutiny underscore the
complexities surrounding the intersection of private conduct {and professional}
obligations within the monetary sector.
Odey Asset Administration says FCA ‘won’t be taking any motion’ after closing probe https://t.co/L9rkxmcdMG
— Monetary Occasions (@FT) December 19, 2023
Fund Restructuring: Odey’s Closure and Asset Switch
Overview
Finance Magnates
reported earlier that Odey
was closing its doorways lower than six months after its Founder, Odey, confronted
sexual misconduct allegations. The closure, triggered by the controversy
surrounding Odey’s ousting in June amid allegations from 13 ladies,
prompts a big restructuring. All funds, together with subsidiaries like
Brook Asset Administration and Odey Wealth, are transferred to different asset
managers.
Key fund managers, similar to James Hanbury and Jamie
Grimston, transfer to Lancaster Funding Administration, whereas Oliver Kelton’s funds
are actually underneath S.W. Mitchell Capital. The scandal led to severed ties with
banking companions and investor withdrawals, lowering the fund’s belongings from
$13.3 billion to $3.8 billion. Authorized challenges loom as two alleged victims
file a lawsuit in opposition to Odey and the agency for damages associated to private harm
and psychological hurt.
