Odey Asset Management, one of Britain's most prominent hedge funds, has announced its closure less than six months after its Founder, Crispin Odey, faced allegations of sexual misconduct.

The closure of Odey Asset Management resulted from the controversy surrounding Odey. In June, he was ousted from the company he established in 1991 following allegations reported by the Financial Times and Tortoise Media. Thirteen women had accused Odey of sexual assault or harassment, allegations he has denied.

Changes at Odey Asset Management

With the decision to close Odey Asset Management, reorganizations and fund transfers have occurred. Reuters reported that all funds, including those managed by subsidiaries, such as Brook Asset Management and Odey Wealth, have been transferred to other asset managers. A portion of the staff will remain to oversee the winding down of operations and ensure investors are taken care of during this transition.

The hedge fund's website has provided a detailed account of where each fund manager and their respective funds have moved to. James Hanbury and Jamie Grimston and their funds have found a new home at Lancaster Investment Management. Oliver Kelton's funds are under S.W. Mitchell Capital. Freddie Neave, who managed Odey European Inc., has moved to Bainbridge Partners with plans to incorporate its funds into a new venture.

Geoffrey Marson has moved to Canaccord Genuity, while Adrian Courtenay is now with Green Ash Partners. However, no new fund manager has been named for Sophia Whitbread, the only female portfolio manager listed. Similarly, Peter Martin, who became the interim Chief Executive Officer after Crispin Odey's departure, has no new fund manager on the firm's website.

Banking Partners Leave, Investors Withdraw Money

According to a report by the Financial Times, the scandal has prompted major banking partners to sever ties with the group and investors to withdraw their funds. At its peak, Odey Asset Management managed $13.3 billion in assets, which had dwindled to $3.8 billion as of last year.

Both Crispin Odey and his firm now face a lawsuit from the two alleged victims, who are seeking damages for personal injury and psychological harm. Presently, Odey and the firm have yet to formally respond to the claims, which have been filed at London's High Court.