Odey Asset Management in ‘advanced talks’ to transfer funds to SW Mitchell Capital
Odey Asset Management (OAM) is in “advanced talks” to transfer funds to rival SW Mitchell Capital as it reels from sexual assault allegation against its founder Crispin Odey.
In a letter seen by City A.M., the beleaguered hedge fund wrote to investors saying it was in discussions over the transfer of four of its European Equity Funds and their manager Oliver Kelton.
The Brook Continental European Fund, Brook European Focus Fund, Odey Pan European Fund and Brook European Focus Absolute Return Fund would be shifted across to SW Mitchell as part of the deal, OAM told investors.
“Similar discussions are ongoing in relation to other funds investment managed by OAM LLP and we will provide further updates about all funds in due course,” the firm added.
Any move to transfer the funds is subject to due diligence and “necessary fund board, ACD, management company, and regulatory approvals”, OAM added.
OAM has been reeling since the Financial Times revealed that founder Crispin Odey faced sexual assault allegation from 13 women. He has called the allegations “rubbish” and denies them.
The fallout promoted Odey Asset Management to suspend its flagship hedge fund this week after it was hit with redemption requests, Bloomberg News reported on Monday.
The company received withdrawal requests that amounted to over 19 per cent of the Odey European Inc hedge fund for its next dealing day on 3 July, the report said, citing a letter from the company to clients.