Odey Wealth Management, a UK and Guernsey based former subsidiary of Odey Asset Management, is to close and return assets to clients in the wake of the multiple allegations of sexual assault and harassment made against the firm’s founder Crispin Odey, which he denies, according to a report by The Financial Times.

The report cites unnamed sources familiar with the matter as confirming the decision to close the wealth management part of the Odey operation, while the Financial Conduct Authority (FCA) has also been made aware of the closure. “We are aware of Odey Wealth Management’s intention to wind down the business.,” said the FCA in a statement. “We will work closely with the firm as it winds down, to ensure clients are treated fairly.”

Odey Asset Management has already shuttered or transferred several of its funds including the firm’s flagship European Inc hedge fund, which is moving to Bainbridge Capital with manager Freddie Neave, according to reports earlier this week.