Earlier this year we reported that three of the DFMs we cover had some exposure to funds run by Brook Asset Management, the subsidiary of the much larger Odey Asset Management helmed by Crispin Odey, who is the subject of sexual harassment allegations (which he denies).
Brook Asset Management - along with the wider Odey Asset Management business - is now being wound up and the funds with their managers have moved elsewhere, so we got in touch with the three allocators in question to see whether they stuck with the funds - though it should be emphasised none of those funds are managed by Crispin Odey himself.
The two funds which appeared in our database were Brook Continental European, which is now called the Ardtur Continental European fund and lives at SW Mitchell Capital, and Brook Absolute Return, which has become the Lancaster Absolute Return fund and lives at Lancaster Investment Management.
The multi-manager team at Columbia Threadneedle confirmed to Asset Allocator they exited their investment in the Brook Continental European fund in June while 7IM confirmed it sold out of its position in the Brook Absolute Return fund in the third quarter of this year.
Our database indicates Waverton also has an exposure to the Brook Absolute Return fund. That company declined to comment on whether it continues to have an investment in the fund but it still did so in late September.
At the time the accusations against Crispin Odey emerged, Brook Asset Management’s aum was just £3bn, indicating perhaps that the high profile of its founder didn’t particularly translate into demand from fund buyers, and subsequent events may leave many to ponder the perils of investing with a fund house synonymous with one individual.
