Women who said they were assaulted or harassed by Crispin Oddie in several incidents over a 25-year period have condemned efforts by his firm’s partners to distance themselves from the scandal-ridden financier.
In the wake of a Financial Times investigation detailing decades of mistreatment by Odey of employees and acquaintances, partners at his eponymous firm Odey Asset Management said on Saturday they had kicked him out of business.
It followed a number of financial institutions moving quickly to cut ties with the hedge fund, including Morgan Stanley, Exane, Goldman Sachs and Schroders.
Peter Martin, CEO of Odey Asset Management, and Michael Ode, COO and CFO, said in a statement on Saturday that Odey was leaving the partnership and that he would “no longer have any economic or personal involvement” from then on.
The name of the company, which manages about $4.4 billion in assets, will also change, according to a person familiar with the situation.
Some of the 13 women who came forward to the FT’s investigation said the partners’ efforts to hold Oudie accountable came too late.
One of the women, who said she was assaulted by Oddie at his London townhouse after a business meeting in 2013, said: “When are people in power going to do the right thing when the time is right?
“The right time is not after significant public exposure and the opinion affects cash flows. It is awfully transparent that its abuse is only relevant when the end goal is relevant.”
She added: “It is positive that there are consequences, but there has been complicit consent where management has not acted with integrity and purpose for almost 20 years. Odey’s senior management must be held accountable and face some of the shame I have felt for the past 10 years.”
It is not clear what mechanism the firm’s executive committee used to remove Odey, who holds a majority stake. Odey suggested to the FT that he might oppose the move, but would not comment further.
As part of the FT’s investigation, several women suggested Odey’s behavior was “normalized” at the company.
Edna, who worked there as a marketing assistant in early 2010, said Martin, then her boss and now CEO, specifically told her not to agree to any shopping trips with Odey. “You’ve just been told to avoid this situation,” she previously told the FT.
In response to the news of Oddie’s ouster, a woman who said she was brutally assaulted by him at his Gloucestershire mansion, Eastbach Court, said in late 2021: “(Senior figures at the firm) are still guilty of hiding his behavior and are accomplices. They may have gotten rid of the infamous head, but they are still guilty.
A former receptionist who was physically harassed by Odey agreed: “It’s not enough. The partners continued to function over the years knowing what he was doing to employees and other women in general. In my view, they are also complicit.”
Echoing comments made on Saturday in a statement announcing Odey’s departure, Odey Asset Management said: “We can only reiterate that the executive committee takes all allegations of misconduct extremely seriously and its robust policies and procedures have been followed throughout.”
Another former employee who came forward as part of the FT’s investigation disputed the firm’s claim that it had “strict policies and procedures which were followed at all times”.
“On the other hand, maybe safe is the word (because) they covered up and allowed him to continue abusing women for so long,” she said.
A law firm representing Odey previously told the FT the allegations against him were “seriously disputed”. Oddy said last week that “none of the allegations have been substantiated in a courtroom or investigation.”