The UK’s financial regulator will not take any action against Odey Asset Management (OAM), the investment fund founded by Crispin Odey that was shut earlier this year after multiple allegations of sexual misconduct by him against junior female members of staff.
The Financial Conduct Authority (FCA) has closed its investigation into OAM and “will not take any action”, the fund said an investor letter on Tuesday.
OAM had £3.5bn in funds under management when an investigation by the Financial Times and Tortoise revealed that Odey faced multiple accusations of sexual misconduct from junior female members of staff. Odey denies the allegations. In October, the fund said it was shutting down.
In the investor letter, Peter Martin, the chief executive of OAM, and Michael Ede, the finance director, said: “There is no doubt that 2023 has been an experience for all of us at the firms. We have discussed and thought about many different outcomes. All I can say is that the dedication and professionalism we have witnessed from all parts leaves us very proud to have worked with all our teams.”
OAM’s letter follows comments from Nikhil Rathi, the FCA’s chief executive, who told the Treasury select committee last week that the regulator had closed its investigation into OAM but that the investigation into Odey’s conduct was continuing.
“I am writing to inform you that we have closed our investigation into OAM,” Rathi said. “The firm has announced that it is winding down its business and we continue to supervise the firm as it does so.
“It remains open to us to consider taking enforcement action in the future in relation to matters concerning our investigation into OAM, should new information come to our attention. Our investigation into Mr Odey remains ongoing, given the conduct under investigation relates to him.”
Rathi told the committee: “If new evidence appears about that company, we reserve the right, of course, to reopen it. The investigation into the individual, who was of course the controlling shareholder, remains live.”
Odey made political donations of more than £1.7m between 2007 and 2019, according to Electoral Commission filings. He and his hedge fund donated £1.3m to groups campaigning for Brexit around the time of the EU referendum. He has given about £350,000 to the Conservatives and £10,000 directly to the former prime minister Boris Johnson.
