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A former investment portfolio manager for the States of Guernsey is winding down, after its founder continues to face allegations of sexual assault.
Odey Wealth Management said on its website that "Odey Asset Management, including Brook Asset Management and Odey Wealth, will be closing. Fund managers and funds have moved to new asset managers".
The firm's founder, Crispin Odey, was charged with indecent assault in 2020 but was cleared after trial at Westminster Magistrates’ Court.
However, in 2023 the Financial Times reported a fresh series of allegations which Mr Odey has since denied. Despite this Morgan Stanley and JPMorgan Chase cancelled their relationship with his firm.
Mr Odey has since been removed as partner from the organisation and several OWM funds have been suspended.
Odey Wealth Management (CI) Limited is listed as an investment portfolio manager for the States of Guernsey in the 2022 Annual Financial Statements.
This position was questioned earlier this year via a Freedom of Information request.
“How much had the States of Guernsey and its’ subsidiaries invested into their funds, in light of today’s announcement that their hedge funds have been suspended?”
Policy & Resources replied with the following:
“Following the recent media coverage, the investment that was being managed by Odey Wealth Management has since been redeemed and there is no longer a professional relationship with this organisation.”
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