FCA questions platforms over Odey funds

The Financial Conduct Authority is quizzing investment platforms on their continued offering of funds from Odey Asset Management towards retail investors, according to reports.

The Financial Times reported that the FCA had contacted AJ Bell, Hargreaves Lansdown and Halifax this month to inquire about their ongoing provision of funds under Odey’s name or the name Brook, which represents funds managed by other partners of the firm.

The FCA wants the platforms to explain how offering these funds is in the best interest of their clients, considering the recent challenges faced by Odey.

Several Odey funds were suspended following sexual misconduct allegations against founder Crispin Odey.

Odey has since been removed from the company, which is now owned and controlled by the remaining partners and managed as an independent entity.

The firm has been selling and rehousing its funds, and it is under investigation by the FCA for corporate governance issues.

Odey Asset Management recently announced advanced talks with SW Mitchell Capital for the transfer of some European Equity funds and fund manager Oliver Kelton, with similar discussions underway for other funds.

The FCA, AJ Bell, Hargreaves Lansdown and Halifax declined to comment, while Odey Asset Management and Halifax were unavailable for comment at the time of publication.

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