Odey Asset Management in Advanced Talks to Sell Funds Amid Sexual Misconduct Scandal

Odey Asset Management (OAM) is in advanced discussions to sell some of its funds and transfer certain fund management activities and individuals to other asset managers.

The move comes after the firm's founder, Crispin Odey, was accused of historic sexual misconduct and left the partnership.

OAM is also in the process of replacing Odey's activities in the business.

The firm has already halted withdrawals from two of its funds and closed another.

The potential sale includes the bulk of OAM's stakes in AO World and Plus500, as well as its holding in car dealership Pendragon.

The move is seen as an admission that a break-up cannot be avoided, but it is not clear what, if anything, will be retained.

OAM's decision was supported by its fund boards and managers, and the firm will continue to update its investors.