Odey Asset Management has suspended the Swan fund as it begins the process of closing the vehicle, while subsidiary Brook Asset Management has suspended redemption requests for the Developed Markets fund.
In a letter to shareholders yesterday (12 June), the board of directors said it had decided that following the removal of Crispin Odey as member of Odey AM, it is "in the best interests of shareholders" to close the fund, with proceeds from the liquidation returned to shareholders. The company has also gated the Brook Developed Markets fund following a surge of redemption requests, which Odey AM said had exceeded 10% of net asset value. Odey AM denies plans to gate funds in wake of sexual misconduct allegations "The board believes that applying the redemption gate is in the best i...
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