Odey Wealth Management enters liquidation
Odey Wealth Management, a subsidiary of Crispin Odey’s asset management firm, has filed for voluntary liquidation a year after it began winding down its business.
Wealth management and accountancy firm Evelyn Partners was brought in as its liquidator last week after the process was approved by the company’s board on 10 October, Companies House filings revealed.
Odey Wealth Management’s registered address was also changed to Evelyn Partner’s office from the temporary office that Odey AM had occupied after it departed its Grosvenor Square headquarters last year.
Odey Asset Management, named after its founder, was thrown into crisis last year after a Financial Times investigation revealed more than a dozen women had accused Odey of sexual assault.
While there had been previously been allegations of sexual assault against the fund chief, the FT investigation reported that 13 women alleged he had abused or harassed them between 1998 and 2021. Odey has denied the allegations.
Though the FCA said it would not be taking any regulatory or enforcement action against any of the companies headed by him, a probe into Odey himself is still ongoing.
The news of the liquidation comes after the former manager rejoined Odey AM last week as a person with significant control.
A filing on Companies House revealed that the firm’s founder was rehired to the firm on 27 September, while almost a dozen partners officially resigned.
In the declaration of solvency written this month by Odey Wealth Managament chair Peter Martin, he said the firm “will be able to pay its debts in full together with interest at the official rate within a period of 12 months”.
While the firm said it would be seeking to cancel its permissions with the Financial Conduct Authority in “early 2024”, preventing it from managing money, it has yet to do so according to the FCA register.
The hedge fund manager was known for big and controversial bets against the British economy, making headlines for shorting government bonds during 2022’s Mini Budget that sent his pot of wealth soaring by a reported 145 per cent.