Odey Asset Management: Investment company to shut down after allegations against Yorkshire-born founder

"Odey Asset Management, including Brook Asset Management and Odey Wealth, will be closing," it said. "Fund managers and funds have moved to new asset managers."

The group added: "Staff remain to wind down the business and make sure investors are looked after."

It comes just five months after allegations of sexual misconduct were made against the firm's founder, Crispin Odey.

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, but in June, the Financial Times published a series of allegations of sexual harassment or misconduct by Mr Odey, which he denies.

The newspaper - together with Tortoise Media - said it had spoken to 13 women who claimed they were abused or harassed by the 64-year-old fund manager.

He was ousted from the firm in June, shortly after the allegations, and the hedge fund has since been fighting for survival.

The group had around 4.4 billion US dollars (£3.6 billion) in assets under management before the crisis erupted, but the reputational damage saw customers rush to remove their money from the funds it manages, while a raft of banking groups also cut ties with the firm.

Odey Asset Management had hoped to rebrand to distance itself from the scandal, although it had already begun to offload some of its activities and staff to other asset managers in June, soon after the allegations were revealed.