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The Financial Conduct Authority (FCA) of the UK is reportedly scrutinizing investment platforms, including AJ Bell, Hargreaves Lansdown, and Halifax, for their decision to continue offering funds from Odey Asset Management to investors. The Financial Times revealed this development.
According to sources familiar with the matter, the FCA contacted investment platforms this month to inquire about their ongoing provision of funds branded under Odey’s name or under Brook, which represents funds managed by other partners of Odey Asset Management.
The British hedge fund has been facing significant redemption challenges following allegations made by 13 women in a joint report by the FT and Tortoise Media on June 8. The women accused the firm’s founder, Crispin Odey, of sexual assault or harassment spanning a 25-year period. Odey has denied these allegations.
The regulator has reportedly requested investment platforms to explain how the continued offering of Odey funds aligns with the best interests of their clients, given the concerns surrounding the company.
The FCA, AJ Bell, Hargreaves Lansdown, and Odey declined to comment on the matter. Reuters’ requests for comment from Halifax are yet to be answered.
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