Leading US banks, JPMorgan Chase and Morgan Stanley, are contemplating severing ties with British hedge fund executive Crispin Odey following allegations of sexual assault, according to sources familiar with the matter. The move comes in response to claims made by eight women, as reported by the Financial Times, detailing instances of alleged sexual assault by Odey, who is known for his support of Brexit and contributions to the Conservative Party.
JPMorgan Chase stated that it is "reviewing our relationship with Odey Asset Management in light of the allegations," while a source close to Morgan Stanley confirmed the bank's intention to sever ties with the hedge fund. Odey, a prominent figure in the finance industry, has firmly denied the allegations, describing them as "rubbish." His legal representatives have not yet responded to media requests for comment.
The Financial Times investigation revealed that in addition to the eight women alleging sexual assault, five others claimed to have experienced abuse or harassment at the hands of Odey. The incidents reportedly occurred between 1998 and 2021. However, it remains unclear whether official investigations by British authorities have been launched in response to the complaints. The Financial Conduct Authority (FCA), the regulatory body overseeing financial markets in the UK, stated that while it cannot comment on specific individuals or firms, it takes allegations of non-financial misconduct seriously and expects firms to conduct proper investigations when such allegations arise.
Crispin Odey, known for his successful bets against the British pound and UK government bonds, has enjoyed a high profile in the financial world. However, these serious allegations have prompted major institutions to reevaluate their associations with him. The potential withdrawal of support from JPMorgan Chase and Morgan Stanley reflects a growing trend of accountability within the industry when it comes to allegations of misconduct.
These developments follow recent reports in The Guardian, which unveiled similar allegations made by women against members of the Confederation of British Industry (CBI), the UK's primary business lobby group. The exposure of such allegations highlights the need for a comprehensive approach to address and prevent sexual assault and harassment within professional environments.
As the investigations continue, the financial industry faces a critical moment of introspection, where the handling of misconduct allegations and the prioritization of a safe and respectful work environment are paramount.
