Odey Asset Management has begun a shake-up of the partnership after founder Crispin Odey left the business last week following a Financial Times investigation.

While Odey remains the majority owner of the business, the partnership has been separated from the wider group, according to Sky News.

A letter seen by the broadcaster showed the partnership has made several internal appointments including co-manager Freddie Neave taking full responsibility of the Odey European and OEI Mac funds.

The letter also mentioned there has been ‘constructive’ talks with prime brokers over the weekend. Prime brokers provide crucial services to hedge funds which enable them to use derivatives and borrowed money to invest.

JP Morgan (JPM:NYSE) and Morgan Stanley (MS:NYSE) were understood to be reviewing their relationships with OAM in the aftermath of the FT investigation.

Today’s announcement that Sports Direct owner Frasers (FRAS) had taken an 18.9% stake in online electricals retailer AO World (AO.) may have been part of efforts by OAM to meet client redemptions. AO was a top holding for OAM and reports suggest Frasers bought this stake directly from the asset manager.

The FT reported that OAM has held discussions about imposing restrictions on some of its funds as part of plans to mitigate potential redemptions.

WHAT ARE OAM'S KEY HOLDINGS?

The hedge fund holds stakes in various companies listed on the London Stock Exchange and overseas including Plus500 (PLUS), Frasers, Jet2 (JET2:AIM), Vivendi (VIV:EURONEXT), IWG (IWG), Carrefour (CA:EURONEXT), Deutsche Bank (DBK:XETRA), SLC Agricola and TotalEnergies (TTE:EURONEXT), according to Refinitiv data.

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