Additional Piece: The Importance of Addressing Sexual Assault Allegations in the Workplace
The recent sexual assault allegations against Crispin Odey have shed light on the importance of addressing sexual misconduct in the workplace. The #MeToo movement brought the issue of sexual harassment and assault to the forefront of public discourse, yet it continues to be a pervasive problem in many industries. The financial sector, in particular, has been criticized for its lack of action in response to allegations of misconduct.
The consequences of sexual misconduct in the workplace are far-reaching and can have a significant impact on the victims, the organization, and its stakeholders. For victims, the trauma of sexual assault can have lasting psychological effects, such as anxiety, depression, and PTSD. It can also affect their work performance, leading to absenteeism, reduced productivity, and a negative impact on their career.
For the organization, the fallout from sexual assault allegations can also be significant. It can damage the company’s reputation, lead to loss of clients and investors, and result in legal action and fines. It can also affect employee morale, leading to turnover, reduced productivity, and a toxic work environment.
It is, therefore, critical for organizations to take sexual assault allegations seriously and to have robust policies and procedures in place to address them. This includes creating a safe and supportive environment for victims to come forward, conducting thorough investigations, and taking appropriate action against perpetrators.
In the case of Crispin Odey, the decision by Goldman Sachs, Exane, and Schroders to cut ties with his hedge fund sends a clear message that sexual misconduct will not be tolerated. It also highlights the power that clients and investors have in holding organizations accountable for their actions.
However, more needs to be done to create a culture of zero tolerance towards sexual misconduct in the financial sector and beyond. This includes providing training and education to employees, creating reporting mechanisms, and implementing consequences for those who engage in sexual harassment and assault.
As the financial sector continues to grapple with the fallout from the Odey case, it is important for organizations to take proactive steps towards preventing sexual harassment and assault in the workplace. By doing so, they can protect their employees, their stakeholders, and their reputation, while promoting a safe and respectful work environment for all.
Summary:
Investment company, Odey Asset Management, has lost three large clients due to sexual assault allegations against founder, Crispin Odey, which include 13 women who claim to have been harassed or assaulted by him. Goldman Sachs and Exane cut ties with the hedge fund, with Morgan Stanley also ceasing business with them. After selling its remaining investments in Odey’s Swan fund, Schroders announced it did not invest in Odey Asset Management. The Financial Conduct Authority has launched an investigation, and Prime brokers have been asked to break ties with the firm. Sexual assault in the workplace remains a pervasive issue with far-reaching consequences for victims, organizations and stakeholders. The response of Goldman Sachs, Exane, and Schroders sends a clear message that sexual misconduct will not be tolerated in business, but more is needed to develop a culture of zero tolerance for sexual misconduct.
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Odey Asset Management executives were struggling to stabilize the firm after brokers Goldman Sachs and Exane and asset manager Schroders cut ties following sexual assault allegations against the founder Crispino Ody.
The exodus came as the hedge fund told clients it was “confident that our service providers will continue to work with us” after 13 women told the Financial Times that Odey had harassed or assaulted them.
The most recent alleged sexual assault occurred in December 2021, when an acquaintance of Odey’s said she was violently groped by him after a dinner at his Gloucestershire villa.
The FT investigation also found that Odey Asset Management’s partners knew of his alleged mistreatment of women as far back as 2004, when a receptionist resigned and initiated a legal complaint against the firm. When the executive committee finally issued a final written warning to Odey in 2021, he fired the committee.
A law firm representing Odey said the charges brought against him were “strenuously contested”.
Goldman Sachs has begun dissolving its relationship with Odey Asset Management, including Brook Asset Management, people familiar with the situation said Friday. Goldman, who said Thursday night it was “reviewing” the report, declined to comment.
Brook Asset Management is a subsidiary incorporated in November 2020 that manages nearly half of the firm’s funds, including those of partners James Hanbury and Oliver Kelton.
Exane, which is owned by French bank BNP Paribas, told Odey Asset Management on Thursday evening that it was cutting off the relationship, according to people familiar with the development. Exane declined to comment.
Morgan Stanley had already moved to finish her business with Odey. JPMorgan is reviewing its relationship, which includes custody and prime brokering.
Regulators have also been kept abreast of the firm’s evolving relationship with prime brokers, said a person familiar with the situation.
Prime brokers are important to hedge funds, providing them with credit to facilitate their trading and selling derivatives that allow them to manage risk.
A person who knows the Financial Conduct Authority the lawsuits said the regulator could ask a prime broker to maintain ties with the hedge fund so it can run its business in an orderly manner. The FCA declined to comment.
Meanwhile, Schroders cut ties with Odey Asset Management by selling the fund manager’s managed investments. UK-based Schroders said on Friday it had sold its remaining investments in the Odey’s Swan fund, which Schroders held in two of its multi-manager products.
Schroders had sold off its exposure to Odey Swan over the past two months but completely offloaded the position over the past 24 hours, according to a person familiar with the situation.
Schroders said it “has not invested in Odey Asset Management.”
Odey Asset Management declined to comment on the other companies’ decisions. Brook Asset Management did not respond to a request for comment.
The company is also facing an expansion probe by the FCA, which two years ago opened an investigation into potential “non-financial misconduct” at the company.
In a statement to clients, the firm’s chief executive, Peter Martin, said the “various allegations” were “investigated” by the firm’s attorneys and that he “treats, now and in the past, all such allegations very seriously.” .
Crispin Odey told Reuters on Thursday that Morgan Stanley’s move was “an extremely quick reaction to an allegation by the FT,” adding that “neither of the allegations have been sustained in a courtroom or an investigation.”
Additional reporting by Antonia Cundy and Paul Caruana Galizia
https://www.ft.com/content/e88e0404-8a5c-4311-8f8d-f5abbb347a92
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