are reviewing their prime broking relationships with Odey Asset Management after allegations of sexual misconduct were reported by the Financial Times and Tortoise Media on Thursday, sources familiar with the matter said.
Odey was cleared of indecent assault charges by a British court in 2021. The UK regulator, the Financial Conduct Authority, has been investigating Odey since 2021. Referring to Morgan Stanley's plans to cut back its prime broking relationship with Odey Asset Management, Odey told Reuters: "That is a massively quick reaction to an allegation by the FT."
Prime brokers lend hedge funds the money they need in order to facilitate investments. Their backing can be essential to the functioning of the hedge fund. Morgan Stanley and JPMorgan declined to comment. UBS and Goldman Sachs, whose regulatory filings also show them as prime brokers to Odey Asset Management, also declined to comment.
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