Yahoo Finance Crispin Odey reveals £37 million hit from misconduct allegations
Crispin Odey has disclosed a multimillion-pound hit to his finances from the closing of the namesake hedge fund he founded, further highlighting the fallout of recent sexual harassment allegations against him.
The tycoon’s top UK holding company for his stake in Odey Asset Management said this month that it wrote down £37.1million through a goodwill impairment due to the winding down of the London-based investment firm he led for morethan three decades, according to a registry filing.
The closing “has significantly impacted current and future profitability,” Odey Holdings Ltd. said in its latest accounts.“This has resulted in a material write-down.”
Odey Asset Management spiraled last year after the Financial Times reported fresh sexual harassment and assault allegations against Odey, who founded the firm in 1991 and earned a reputation for making contrarian bets that put himamong some of Britain’s richest investors. Odey, 65, who has disputed the claims against him, didn’t respond to a request for comment.
In June 2023, Odey was removed from the firm and he’s since stepped back as a director from several other companies,including those overseeing assets for his adult children, according to registry filings. Facing legal claims from a number of alleged victims, he has described himself as a victim of a “witch hunt.”
The latest allegations prompted several banks to sever ties and investors to race for the exits, leading to other money managers taking over Odey Asset Management LLP’s staff and funds. Crispin Odey has sued the FT for defamation.
