Odey Asset Management has announced its closure, five months after a Financial Times investigative report exposed allegations of serious sexual misconduct at the company.
Founder Crispin Odey was accused by 13 women of historical sexual misconduct and sexual assault at the firm, often targeting young and vulnerable women who worked as receptionists and had little professional experience. Seven other women came forward after the article was published, bringing the total to 20.
The report depicted a toxic, male-dominated environment where the unwanted and predatory advances of Odey were normalised and often went ignored by senior management – even when reported.
Since the article was published, investors have been falling over each other to distance themselves from the asset manager. As a result, the firm announced it was “in the process of winding down” earlier this week.
The FT investigation includes several harrowing accounts of alleged sexual assault by the billionaire businessman who is a powerful figure, well-renowned in the financial industry for his excentric and high-risk approach to investment. The article depicts a misogynistic, archaic working environment, led by a revered individual who instilled fear in his subordinates. “You don’t win against Crispin. All you’ll do is hurt yourself,” said one of the women who contributed her experiences to the article.
Senior executives at Odey Asset Management have been accused of turning a blind eye to Odey’s behaviour, taking 16 years to launch an internal investigation after issues were first raised.
In February 2021, Odey was taken to court over sexual assault allegations made by a female colleague. Odey won the case.
The UK’s Financial Conduct Authority (FCA) is currently investigating Odey’s fitness to work in the financial sector.
Sexual misconduct and toxic male-dominated working environments have become a hot topic in recent months. The Confederation of British Industry (CBI) was embroiled in a scandal earlier this year when The Guardian reported allegations of rape, sexual harassment and discrimination made by former employees of the CBI.
