Odey Asset Management has suspended its flagship hedge fund after being hit by redemption requests from investors fleeing the firm following fresh sexual assault allegations against founder Crispin Odey.
The firm received withdrawal requests amounting to about 19% of the Odey European Inc. hedge fund for its next dealing day on July 3, the firm told clients in a letter seen by Bloomberg.
“Given the level of requested redemptions, investor concentration and liquidity profile of the fund, the fund board has determined that it would not be in the best interests of the fund and its shareholders as a whole to continue to permit issues and redemptions of shares,” the firm wrote in the letter.
A spokesperson for the firm didn’t immediately respond to a message seeking comment.
