Asset management firm to shut after sexual misconduct allegations against founder

Friday 03 November 2023

An investment company which previously carried out work for the States of Jersey and Guernsey is winding down as its founder continues to face allegations of sexual assault.

Odey Wealth Management's founder, Crispin Odey, was charged with indecent assault in 2020 but was cleared after trial at Westminster Magistrates' Court.

However, in 2023 the Financial Times reported a fresh series of allegations which Mr Odey has since denied. Despite this Morgan Stanley and JPMorgan Chase cancelled their relationship with his firm.

Mr Odey has since been removed as partner from the organisation and several OWM funds have been suspended.

This week, it was confirmed that Odey Asset Management, including Brook Asset Management and Odey Wealth, will be closing, with the firm saying on its website that "fund managers and funds have moved to new asset managers".

Up until the latest allegations, the States of Guernsey used OWM as an investment portfolio manager.

Odey Wealth Management (CI) Limited – which had an office in St Peter Port – was listed as investment portfolio manager for the States of Guernsey in the 2022 Annual Financial Statements.

However, the island's leading committee, Policy and Resources, confirmed earlier this year that the relationship had been severed.

"Following the recent media coverage, the investment that was being managed by Odey Wealth Management has since been redeemed and there is no longer a professional relationship with this organisation," P&R said.

Jersey also previously had a relationship with the firm.

Following questions from Express in the wake of the revelations, the Government confirmed that it had not dealt with Odey Asset Management [another arm of the Odey Group] since 2017, when the investment manager was removed from the investment portfolio of the Public Employee Pension Fund.