UK regulator quizzes platforms on offering Odey funds to retail investors – FT

UK’s Financial Conduct Authority (FCA) is pressing investment platforms including AJ Bell, Hargreaves Lansdown (LON:HRGV) and Halifax on continuing their retail funds offering from Odey Asset Management, the Financial Times reported.

The FCA contacted investment platforms this month about their continued offering of funds branded under Odey’s name, or under Brook, the name given to funds managed by other partners of Odey Asset Management, including Oliver Kelton and James Hanbury, according to the report on Thursday, citing people familiar with the matter.

The British hedge fund has grappled with redemptions since the FT and Tortoise Media on June 8 jointly reported allegations by 13 women that its founder Crispin Odey had sexually assaulted or harassed them over a 25-year period. Odey has denied the allegations.

The regulator asked the investment platforms to explain how continuing to offer the funds was in the best interests of their clients, given the issues at the company, the report said.

The FCA, AJ Bell and Hargreaves declined to comment, while Halifax and Odey did not immediately respond to Reuters’ requests for comment.