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We've detected you are on Internet Explorer. For the best Barrons.com experience, please update to a modern browser. CHROME SAFARI FIREFOX Explore Our Brands * WSJ * -------------------------------------------------------------------------------- * Barron's * -------------------------------------------------------------------------------- * MarketWatch * -------------------------------------------------------------------------------- * IBD Search News & Quotes TopicsStock PicksLists & RankingsMagazineDataAdvisorPenta Subscribe Now | Sign In Barrons Scandal-hit UK Hedge Fund Odey Says To Be Broken Up Next: * * * * Share Summary Summary U.S Europe Asia FX Rates Futures ETFs Crypto DJIA Futures 114 34215.00 S&P 500 Futures 14.50 4432.00 Nasdaq Futures 58.75 15188.75 Stoxx 600 0.94 456.99 SSE Index -6.99 3182.38 Crude Oil 0.21 69.77 U.S. 10 Yr 0.039 3.75 Bitcoin 570 30673.45 Dollar Index -0.10 102.81 Barron's 400 0.76 963.57 This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. https://www.barrons.com/news/scandal-hit-uk-hedge-fund-odey-says-to-be-broken-up-ac58de3e * FROM AFP NEWS SCANDAL-HIT UK HEDGE FUND ODEY SAYS TO BE BROKEN UP * * * * -------------------------------------------------------------------------------- By AFP - Agence France Presse June 15, 2023 * Order Reprints * Print Article BARRON'S NEWSLETTERS THE BARRON'S DAILY A morning briefing on what you need to know in the day ahead, including exclusive commentary from Barron's and MarketWatch writers. I would also like to receive updates and special offers from Dow Jones and affiliates. I can unsubscribe at any time. I agree to the Privacy Policy and Cookie Policy. Enter your Email SIGN UP You have been successfully subscribed to The Barron's Daily. Your first delivery will arrive within two days. Continue Reading Text size ADDS background Odey Asset Management will be dismantled and transfer its activities to other firms, the high-profile British hedge fund said Thursday, after its founder was accused of sexual assault against eight women. Crispin Odey, a vocal Brexit supporter and Conservative party donor, quit the group at the weekend. He denies the allegations. "Acting in the best interest of our investors and our staff has continued to be our primary concern over the past few days," the firm said in a statement. The company said it was "in advanced discussions for rehousing funds and transferring certain fund management activities and individuals to other asset managers". The allegations against Crispin Odey had emerged in the Financial Times newspaper one week ago. A further five women alleged they had been abused or harassed by Odey, the FT said. Odey, 64, well known for making huge sums from betting heavily against the British pound and UK government bonds in recent years, has described the allegations as "rubbish". The FT probe focused on incidents said to have occurred between 1998 and 2021. It cited 13 women who have worked for Odey Asset Management or had social or professional dealings with its founder, the business daily said. A cross-party panel of British lawmakers on Wednesday called upon UK regulator, the Financial Conduct Authority, to answer questions surrounding its supervision of Odey Asset Management and Crispin Odey. "Culture in financial services, and the experiences of women in the industry, are ongoing concerns of the Treasury Committee," its chair Harriett Baldwin said in a statement. "Journalists at the Financial Times have shone a light on deeply troubling allegations of conduct regarding the actions of a powerful individual. "We look forward to receiving a response from the financial regulator on these important issues," added Baldwin, an MP for the ruling Conservative party. The committee has also asked the Financial Conduct Authority to answer questions surrounding its "wider work on non-financial misconduct". Baldwin said fallout from the scandal "is potentially damaging to the reputation of the entire (financial) sector". A British court ruling in 2021 found Odey not guilty of sexual assault against a female banker. The allegations follow separate recent reports by another British newspaper, The Guardian, revealing similar claims made by women at main UK business lobby group, the CBI. These have led to a shake-up at the organisation as it struggles to rebuild trust among companies and from the government. bcp/rfj/lth The Barron's news department was not involved in the creation of the content above. This story was produced by AFP. 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