Crispin Odey has disclosed a £37.1m ($47m) goodwill impairment due to the closure of London-based hedge fund firm Odey Asset Management, according to a report by Bloomberg citing a registry filing.
Odey Holdings wrote that the closure “has significantly impacted current and future profitability.
“This has resulted in a material write-down.”
An investigation by the Financial Times revealing new allegations of sexual harassment and assault against Odey triggered several banks to cut ties and prompted an exodus of investors. Odey was ousted from the firm last June, while other money managers took over Odey AM’s staff and funds.
Odey has since sued the FT for defamation.
According to regulatory filings, the write-down resulted in a £35m loss for Odey Holdings in the year ending 5 April 2023, marking its worst annual performance since its establishment in 2020 as part of a restructuring of Crispin Odey’s holding companies between Switzerland and the UK.
Additionally, shareholders’ funds at the company plummeted by approximately 54.1% during the period to £31.3m. One of its subsidiaries indicated earlier this year that it was exploring new business opportunities.
