By Nell Mackenzie
LONDON (Reuters) – Odey Asset Management (OAM) will lift the suspension of its Brook Developed Markets Fund, it said in a letter to investors on Tuesday seen by Reuters, as the hedge fund grapples with the fallout from sexual misconduct allegations against its founder.
Crispin Odey, 64, was ousted in June from the firm he founded in 1991 after the Financial Times and Tortoise Media on June 8 jointly reported on allegations from 13 women.
Odey has denied the allegations.
Last month, OAM restricted withdrawals from many of its funds, including the Brook Developed Markets Fund, amid fears of an investor exodus following the allegations.
OAM said in Tuesday’s letter that it would accept applications for subscription, conversion or redemption of shares in its Brook Developed Markets Fund no later than 2 p.m.
(1300 GMT) on July 7, which would be processed by July 10.
Pending requests that had been submitted when the fund was frozen will be processed automatically, unless otherwise requested, the letter said.
Brook Developed Markets Fund is one of the funds that OAM has said it was in “advanced talks” to transfer to Lancaster Investment Management, along with its portfolio manager, James Hanbury.
The others were LF Brook Absolute Return Fund, the Brook Absolute Return Fund, the Brook Absolute Return Focus Fund and the LF Odey Opus Fund, a separate letter seen by Reuters showed.
(Reporting by Nell Mackenzie; Editing by David Goodman and Mark Potter)
