The executive committee of Odey Asset Management LLP - the partnership which runs Odey AM - has removed founder Crispin Odey from the partnership following allegations in the Financial Times about Mr Odey and governance at the investment firm.

The FT reported recently that Odey AM has been under investigation by the FCA for two years over a number of issues, including accusations that founder Crispin Odey behaved inappropriately towards 13 women over a 25 year period. The FCA has declined to comment so far.

In a statement issued at the weekend, Odey Asset Management LLP said that the partnership was now “entirely unconnected” to the Odey Group which continues to be majority owned by Mr Odey, one of the highest profile figures in the investment world.

Odey AM LLP’s executive committee said it was acting in the best interests of investors and staff.

The executive committee says it has now removed Odey Asset Management from the partnership and removed “all of Mr Odey’s economic and personal involvement.”

The committee says that by doing so it means the partnership side of the business is “now entirely unconnected to the Odey Group, which continues to be majority owned by Mr Odey.”

The changes mean a number of fund changes (listed below).

The full statement from the Odey AM LLP executive committee reads:

“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 (the “Partnership”), 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. This means that the Partnership is now entirely unconnected to the Odey Group, which continues to be majority owned by Mr Odey.

“The Partnership remains regulated by the FCA, and we have been in regular communication with the FCA throughout this process. We have also been in constructive dialogue over the weekend with our key counterparties, including the prime brokers.

“The investment management activities of the Partnership continue as usual. Nevertheless, the Partnership is making a number of changes to the funds previously managed by Mr Odey and his co-manager Mr Freddie Neave:

• OEI & OEI MAC: Mr Neave will take over full responsibility for the management of
  these funds.
• LF Odey Opus Fund: As this is a global equity fund, the fund management will be taken over by Mr James Hanbury.
• Odey Pan European Fund: Going forwards this will be managed by Mr Oliver Kelton,
  a leading European investor.
• With regard to the Odey Swan Fund, the Partnership is considering options to put to the fund board, which options may include an option to close the fund. In the meantime it will continue to be managed by Mr Neave in accordance with the investment objectives.

“All other funds trade as normal. Over the coming days we will be continuing to speak to our investors, and please do get in touch with your relationship manager should you have any questions. We plan to announce a complete rebrand of the Partnership in the near future.

“We thank you for your feedback and continued support.”

Mr Odey was found not guilty of indecent assault in 2021 in relation to an incident alleged to have taken place in 1998. He is reported as calling the latest allegations “rubbish” but has yet to issue a full statement on the alleged matters.

Odey Asset Management CEO Peter Martin said last week in response to articles published in the FT that the firm did not recognise the picture of the firm portrayed by the FT.

However, he said the firm was treating any such allegations “extremely seriously.”