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Business Finance

JPMorgan and Morgan Stanley are reviewing prime brokerage relationships with Odey Asset Management sources

JPMorgan ( JPM.N ) and Morgan Stanley ( MS.N ) are reviewing their prime brokerage relationships with Odey Asset Management after the Financial Times and Tortoise Media reported on Thursday that Crispin Odey was sexually harassed, sources familiar with the matter said.

The FT reported that 13 women claimed Odey sexually assaulted or harassed them over a 25-year period.

“This is a version of an old article and none of the allegations were made in court or during the investigation,” Crispin Odey told Reuters by phone. A British court acquitted Odey of innocuous assault in 2021.
Referring to Morgan Stanley’s plans to cut its prime brokerage relationship with Odey Asset Management, he said: “This is a very quick response to the FT’s claim.”

The FT was also first to report the news of Morgan Stanley’s decision, which a source independently confirmed. JPMorgan is also reviewing its relationship with Odey Asset Management, a source familiar with the matter told.
Prime brokers lend hedge funds the money they need to facilitate investments.

According to a banking source, the charges by Odey Asset Management were against banking norms.
Morgan Stanley and JPMorgan declined to comment.

Odey Asset Management did not immediately return a phone call or email seeking comment. Crispin Odey, one of Britain’s best-known hedge fund managers and a leading Brexit supporter, rose to prominence during the 2008 financial crisis when he made a fortune shorting bank stocks.



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