Why proper culture in a company is crucial for any business
Sofya Kuhno, ACCA
Sep 23, 2023Odey Asset Management, whose founder Crispin Odey faced new allegations of misconduct, is struggling to reassure clients and business partners after some firms withdrew funds and major investment banks refused to service the company.
The allegations against Odey are a continuation of a series of accusations that the asset manager has faced before. In 2021, he was acquitted by a UK court in a misconduct case, but soon new allegations emerged against him: two women made statements to Bloomberg News.
A few hours after the publication of new allegations in 2023, Morgan Stanley began the process of terminating its relationship with OAM as a prime broker. JPMorgan Chase & Co. and Goldman Sachs Group Inc. also reviewed their business relationships with the investment company.
The UK financial regulator — the Financial Conduct Authority (FCA) — is conducting a two-year investigation into the asset manager.
"We take allegations of non-financial misconduct seriously and expect all firms to have adequate governance procedures in place to ensure proper investigation of allegations of misconduct," the FCA stated.
According to City Hive, a London-based advocacy group promoting Diversity and Inclusion strategy in the investment management industry, trust is a key point for clients and partners, and companies can maintain it by being transparent about their standards and internal culture.
