Central Bank silent on Odey Asset Management turmoil

The Central Bank of Ireland was silent on the turmoil engulfing London-based Odey Asset Management after new sexual assault allegations against its founder Crispin Odey, who manages two of the company’s four Irish-domiciled funds.

The company’s Dublin business, whose registered office is at Sir John Rogerson’s Quay, has been authorised by the Central Bank since 2011 as an investment fund under European Union regulations and Irish law.

According to Odey Asset Management’s website, Mr Odey is the manager of the Irish-domiciled Odey Swan Fund and Odey Pan European Fund. The two other Irish-domiciled funds are the Odey Special Situations Fund and the Odey Opportunity Fund.

With certain firms withdrawing money from Odey funds in the wake of multiple sexual assault and sexual harassment allegations reported in the Financial Times, the company is scrambling to reassure business partners.

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Asked on Friday whether it had initiated any action as regulator of the company’s Irish division, the Central Bank of Ireland had no response. “We can’t comment on the matter, I’m afraid,” the bank’s spokeswoman said.

The Central Bank’s silence comes amid report that Britain’s Financial Conduct Authority has been conducting an investigation into the company for two years.

In a statement on Friday, the company said “we do not recognise the picture of the firm” presented in the Financial Times report.

“We are aware of press coverage relating to actions allegedly being taken by prime brokers and other service providers to [Odey Asset Management],” it said.

“While we cannot comment in detail, again for legal reasons, we are in active discussions with all service providers and we are confident that our service providers will continue to work with us to ensure that the interests of investors are protected.”

Bloomberg News reported Odey chief executive Peter Martin saying in a letter to clients that is in “active discussions with all service providers and we are confident that our service providers will continue to work with us to ensure that the interests of investors are protected”.

Morgan Stanley has began the process of terminating its prime-brokerage relationship with Odey, according to people with knowledge of the matter. JPMorgan Chase and Goldman Sachs were also reviewing relationships in light of the claims, the people said on condition of anonymity.

According to Reuters, Schroders has pulled investments from Odey funds, and Canada Life suspended its relationship with the firm with “immediate effect” and won’t be accepting any new fund flows.