Ruffer clients question links with Crispin Odey

Clients of the investment firm Ruffer have raised questions about its relationship with Crispin Odey following allegations of serial sexual misconduct against the hedge fund manager.

Ruffer, co-founded by multimillionaire philanthropist Jonathan Ruffer in 1994, counted Crispin Odey among its early backers and started out in Odey Asset Management’s original offices in Upper Grosvenor Street in London’s Mayfair. Jonathan Ruffer also sat on Odey Asset Management’s board between 1995 and 2005.

Established three decades ago, Ruffer, which oversees about $30bn, has typically catered to private clients, charities, family offices and institutions.

However, some of Ruffer’s customers have raised concerns about the group’s connections with Crispin Odey after an investigation by the Financial Times detailed earlier this month that he was facing allegations of assault or harassment from 13 women. Odey strenuously denies the allegations.

Since then, big banks that provided critical services to Odey Asset Management have moved to cut ties with the hedge fund, which has pushed out Crispin Odey from the firm he founded in 1991. Meanwhile, regulators and MPs are circling.

“We wanted to hear Ruffer’s position,” said one of Ruffer’s clients. “I’m bothered about this, I care about Ruffer because we have our pensions with them. I want to hear that Ruffer is a safe environment for women.”

In an email sent to a client and seen by the FT, Ruffer said that Crispin Odey “does not have, nor has had, any direct involvement with the operations or management of Ruffer LLP. As I hope you will understand, I’m unable to provide any comment regarding any current personal contact between Jonathan and Mr Odey today.”

Ruffer has also been fielding calls from other customers checking that it no longer has ties with Crispin Odey, according to a person familiar with the Ruffer’s operations.

Ruffer restructured its business in March, noting at the time that it was part of succession planning for the eventual retirement of Jonathan Ruffer, 71.

The changes meant Ruffer Management Limited was no longer a controlling entity in the Ruffer limited liability partnership. RML is the historic vehicle through which Ruffer’s founders and original investors — including some of Crispin Odey’s family — continue to derive an income.

The change in control means RML is a passive stakeholder in Ruffer LLP. According to company filings, RML was renamed as Fellbarn in March. Fellbarn has a financial interest in the Ruffer partnership, linked to 4.9 per cent of revenues. Both Crispin Odey’s son, Felix, and Jonathan Ruffer are directors of Fellbarn.

Crispin Odey and his ex-wife, Nichola Pease, used to hold a stake in RML through their company, Eastbach. However, they relinquished their stakes in Eastbach in 2018 and passed control to their children. Crispin Odey and Pease remain directors of the company, according to Companies House filings.

The company filings for Eastbach show that the Odey family increased their stake in Fellbarn to more than 25 per cent in April.

Ruffer said: “There is no connection between Crispin Odey and the running of or oversight of Ruffer LLP.”

It added that neither the firm nor Jonathan Ruffer had any prior knowledge of the allegations made against Crispin Odey.

“On becoming aware of the extent of Crispin Odey’s behaviour and reported sexual harassment and violence, we then severed the one tie within our control to Crispin Odey: we were clear that his directorship of Ruffer Management Limited (now Fellbarn Limited), a corporate partner of the LLP, must come to a swift end.”

The company added it has a “culture that is safe, inclusive and welcoming to everyone”.

Odey Asset Management declined to comment. Crispin Odey did not respond to a request seeking comment.