FCA takes no action against Odey Asset Management following investigation

investmentweek.co.uk:

In an investor letter, Odey AM CEO Peter Martin and COO and CFO Michael Ede said they were 'pleased to report that the FCA have completed their investigation into the firm and will not be taking any action'.

In an investor letter seen byInvestment Week, Odey AM CEO Peter Martin and COO and CFO Michael Ede said they were «pleased to report that the FCA have completed their investigation into the firm and will not be taking any action».

FCA CEO Nikhil Rathi had revealed last week at a Treasury Select Committee hearing that the investigation into the asset manager had closed, but that the investigation into Crispin Odey remained live.

Rathi clarified that, should any further evidence against Odey AM appear, the FCA «reserves the right to reopen» the investigation, whereas the investigation into Odey himself «remains live», as he was «the  majority shareholder» at the firm and the individual accused of misconduct.

When asked how it was possible for Odey to pass the fitness and propriety test in light of the numerous sexual misconduct allegations against him, Rathi declined to answer but highlighted that the fit and proper status is certified by the company, not by the FCA.

The FCA has been contacted for comment.

FCA closes investigation into Odey Asset Management

Martin and Ede added Odey AM had completed its last client mandate as of 12 December, and that it will vacate its North Row offices in January 2024.

The firm applied to cancel its FCA authorisation on 24 November.

Odey Wealth Management is also continuing its winding down process, with most of the clients having either left or being transferred, they explained. The wealth management subsidiary is expected to apply for the cancellation of its authorisation in early