ODE Asset Management blocks withdrawals from Brooke Developed Markets Fund

A subsidiary of O’Day Asset Management has barred investors from withdrawing money from its Brooke Developed Markets Fund in the wake of allegations of sexual misconduct against Crispin O’Day.

The board that oversees the Brooke Developed Markets Fund said in a letter to clients that it was making redemptions following a high volume of requests for withdrawals from investors.

The fund is run by James Hanbury and Jamie Grimstone.

The letter said the decision was taken after redemption requests exceeded 10 per cent of the fund’s net asset value.

It added that the board believes that a moratorium on redemption “is in the best interests of all shareholders”.

The move comes after the Financial Times reported that O’Day, who founded O’Day Asset Management, was facing allegations of sexual assault or harassment from 13 women, which he denies.