The ailing fund supervisor Odey Asset Management has offered the majority of its stake in Pendragon, the London-listed automotive seller, as a part of an intensifying firesale of property by the agency.
Sky News has learnt that Odey offloaded over 5% of Pendragon on Thursday morning in a commerce executed by Peel Hunt, the funding financial institution.
The patrons had been a mix of latest and current shareholders within the automotive seller, in accordance with City sources.
The sell-off, which leaves Odey holding a residual stake of about 4%, got here on the identical day that the once-influential hedge fund stated it will break itself up within the wake of a litany of sexual assault allegations towards its founder, Crispin Odey.
Crispin Odey has denied the FT’s claims. Pic: Shutterstock
The Financial Times has printed an in depth collection of testimonies from girls who allege that Mr Odey abused them over a protracted interval, elevating questions in regards to the response of his colleagues and of the City regulator.
In a assertion on Thursday, Odey stated it had “become clear that some investment management activities of the partnership are affected by recent events”.
“Given that, the firm is now in advanced discussions for rehousing funds and transferring certain fund management activities and individuals to other asset managers.
“Any sale or rehousing is taken into account topic after all to any related regulatory approvals and due diligence, with a view to an orderly transition of any property and buyers.”
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In the previous week, Odey has liquidated a lot of its positions in public firms, together with {the electrical} items retailer AO, and Plus500, the net buying and selling companies supplier.
Mike Ashley’s Frasers Group was the acquirer of Odey’s near-20% stake in AO, Sky News revealed final weekend.
Odey, Pendragon and Peel Hunt all declined to remark.
Content Source: information.sky.com