Odey Asset Management blocks withdrawals from Brook Developed Markets fund

A subsidiary of Odey Asset Management has stopped investors from withdrawing money from the Brook Developed Markets fund in the wake of sexual misconduct allegations against Crispin Odey.

The board overseeing the Brook Developed Markets fund said in a letter to clients that it was gating redemptions following a higher volume of requests from investors to withdraw.

The fund is run by James Hanbury and Jamie Grimstone.

The letter said the decision was taken after redemption requests exceeded 10 per cent of the fund’s net asset value.

It added that the board believes the block on redemptions “is in the best interests of all shareholders”.

The move comes after the Financial Times reported that Odey, who founded Odey Asset Management, was facing allegations of sexual assault or harassment from 13 women, which he denies.