Home Hedge Funds Odey AM partners raked in £64m before sexual assault claims hit

Odey AM partners raked in £64m before sexual assault claims hit

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Odey Asset Management’s partners earned a bumper payday before the hedge fund’s founder Crispin Odey was hit by sexual harassment claims. 

Profit at the Mayfair firm more than tripled to £63.9m for the year ended 5 April 2023, up from £18.8m the year before, according to accounts published to Companies House. 

The firm generated £94m of income, as Odey AM’s funds saw a turnaround in performance, raking in £69.5m of fees.

Odey AM declined comment.

The bumper period for Odey AM occurred just months before the hedge fund was plunged into turmoil after founder Crispin Odey was accused by more than a dozen women of sexual assault and harassment, claims he denies.

So far 20 women have come forward after a joint investigation by the Financial Times and Tortoise Media on 8 June 2023 unearthed allegations stretching back decades.

Crispin Odey left the partnership on 19 June and five months later Odey AM announced it would be winding down.

READ FCA drops Odey Asset Management investigation with no action

There were 15 members at the limited liability partnership during the period, according to the latest accounts. 

Partners in the business took out £55.7m of their total £63.9m entitlement. The highest-paid member walked away with £28.6m, the results show. 

The person is not named in the accounts, but in previous years it has typically been Crispin Odey. 

The Financial Conduct Authority said in December it had ended its investigation into Odey AM and would not take any action against the business.

Crispin Odey has been cut from the FCA’s register of approved senior managers in finance, but could face fines or a wider ban from working in the sector.

Odey AM subsidiaries Brook Asset Management and Odey Wealth are also set to close following the wider fallout at the hedge fund.

Odey AM’s funds have either been liquidated or rehoused at former London rivals along with their respective portfolio managers.

In August, Odey’s hedge fund vacated its Mayfair headquarters to a smaller office space, Financial News first reported.

To contact the author of this story with feedback or news, email Kristen McGachey

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