The boss of a hedge fund firm Odey Asset Management has been ousted from the firm, following allegations of sexual harassment and assault.
On Saturday, the firm’s executive committee decided to remove Crispin Odey as a member of the organisation, which is now entirely unconnected with Odey.
Last week a report in the Financial Times alleged he had sexually harassed or assaulted 13 women between 1998 and 2021. It was claimed that senior executives knew about his behaviour but did not launch a formal investigation for 16 years.
In 2021, Odey successfully defended a case in which he was accused of indecent assault by a female banker.
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The firm said on Saturday: “Acting in the best interest of our investors and our staff has been our primary concern over the past few days. As a result of the allegations in the FT, while acting in the best interest of Odey Asset Management LLP, on Saturday morning the Executive Committee took the decision to remove Mr Odey as a member of the Partnership.
“By also removing Odey Asset Management Group Ltd from the Partnership, the firm removed all of Mr Odey’s economic and personal involvement.”
It was planning to announce a “complete rebrand” of the firm in the near future.
Odey Asset Management has been in regular communication with its regulator, the Financial Conduct Authority, throughout the process. The FCA has not commented on the allegations.
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The past few months have seen several leaders at major UK businesses step down in the wake of sexual misconduct allegations, including former CBI director general Tony Danker and Tesco chair John Allan.
