Crispin Odey: Yorkshire hedge fund owner to step down from role over allegations of sexual harassment and misconduct

Crispin Odey, who was born in East Yorkshire, is leaving Odey Asset Management a statement by the firm’s executive committee announced today (Jun 10).

It comes amid allegations of sexual harassment and misconduct from women who either worked at the hedge fund or had dealings with him, the firm’s executive committee said they take “all allegations of misconduct extremely seriously”.

A statement said: “We, the executive committee of Odey Asset Management LLP, are announcing that Mr Crispin Odey is leaving the partnership. As from today, he will no longer have any economic or personal involvement in the partnership. Odey Asset Management Group Ltd will also cease to be a member and the partnership will now be owned and controlled by the remaining partners and managed as an independent legal entity.

“As we have said previously, the executive committee takes all allegations of misconduct extremely seriously. The firm has robust policies and procedures that have been followed at all times.

“The firm has been investigating allegations concerning Mr Odey, but the firm cannot comment in detail as it is bound by legal obligations of confidentiality. We have been fully transparent with the regulator and kept them informed throughout this process.

“The partnership remains as determined as ever to deliver good investment performance for its clients. Further communications with our clients will follow over the weekend.”

Mr Odey made his fortune by taking contrarian views on markets and allocating his resources accordingly, often in spite of prevailing wisdom. He reputedly started short-selling British banks in 2006. He has done very well out of his strategies – he paid himself a bonus of £28m in 2008. Short-sellers borrow shares and sell them in the market in the hope of buying them back more cheaply at a later date.

Mr Odey has Yorkshire roots and his grandfather George Odey was Conservative MP for Beverley. Soon after graduating from Church Church, Oxford, he discovered his father had huge debts and he was made responsible for Hotham Hall, a 4,000-acre estate in East Yorkshire which had been in his mother's family since 1720 He founded Odey Asset Management in 1991.