Odey Asset Management's Absolute Return fund is to reopen as the London-based hedge fund firm prepares for the transfer of manager James Hanbury to a rival firm in the aftermath of multiple allegations of sexual misconduct against Odey founder Crispin Odey, according to a report by the Financial Times.

Odey Asset Management's Absolute Return fund is to reopen as the London-based hedge fund firm prepares for the transfer of manager James Hanbury to a rival firm in the aftermath of multiple allegations of sexual misconduct against Odey founder Crispin Odey, according to a report by the Financial Times.

The report cites an investor letter seen by the FT as revealing that the £451m LF Brook Absolute Return Fund, which is managed by Hanbury, will begin trading again on Friday ahead of a proposed move to Lancaster Investment Management.

The fund is one of a number of Odey AM investment vehicles that were suspended last month in response to escalating withdrawal requests from investors following the allegations against Odey, which he denies.

According to the letter, the fund's suspension is being lifted as talks over a transfer of the vehicle and its investment team had "now reached a point where both parties are entering into a binding agreement".