Odey Asset Management looks to shut down wealth business

  • 📰 Observer_Owl
  • ⏱ Reading Time:
  • 50 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 72%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

itemprop=description content=The City watchdog said it was made aware of the firm’s plans.

Odey Asset Management plans to close down its wealth businesses after its eponymous founder stepped down amid a series of allegations against his behaviour.

The Financial Conduct Authority said it is “aware” of the plan to wind down the wealth management unit and is working to ensure clients are treated fairly. The Financial Times reported that the business is shutting in the UK and Guernsey, citing people familiar with the matter. An FCA spokesperson said: “We are aware of Odey Wealth Management’s intention to wind-down the business. We will work closely with the firm as it winds down, to ensure clients are treated fairly.”Hedge fund manager Crispin Odey has described allegations against him as ‘rubbish’

Crispen Odey, who the firm is named after, left the hedge fund in June after a series of sexual harassment or misconduct allegations against him were published by the FT and Tortoise Media.The FCA is investigating whether Mr Odey is a “fit and proper person” to work in financial services.In June, it told clients it was “in advanced discussions” to offload some of its activities and staff to other asset managers.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 18. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Odey Asset Management looks to shut down wealth businessitemprop=description content=The City watchdog said it was made aware of the firm’s plans.
Source: Glasgow_Times - 🏆 76. / 59 Read more »