(Reuters) -Odey Asset Management has proposed to restructure one of its oldest funds, the Financial Times reported on Friday, as part of efforts to extract founder Crispin Odey from the business after several assault and harassment allegations surfaced against him.
The London-based investment firm is planning to switch shareholders’ investments in the Cayman Islands-based OEI Mac to a new fund, which would then be rehoused under a rival firm, the Financial Times reported, citing a letter to clients.
Freddie Neave, who took over managing OEI Mac from Crispin Odey three weeks ago, would run the new fund and leave to work at the rival firm, the report said.
The hedge fund is also in advanced talks with Lancaster Investment over transfer of some funds and manager James Hanbury, a company letter on Friday reviewed by Reuters showed.
Hanbury will assume leadership of the LP Odey Opus Fund, Reuters reported.
Odey Asset Management did not immediately respond to a Reuters request for comment.
Odey, 64, was ousted this month from the firm he founded in 1991 after the Financial Times and Tortoise Media on June 8 jointly reported on allegations from 13 women. Odey has denied the allegations.
Bloomberg reported this week that Odey has suspended its flagship hedge fund after it was hit with redemption requests that amounted to over 19% of the Odey European Inc hedge fund for its next dealing day on July 3.
(Reporting by Juby Babu in Bengaluru; Editing by Shweta Agarwal)
