London: Britain's financial regulator on Monday restricted activities by Odey Asset Management to facilitate an orderly breakup of the hedge fund following its rapid collapse in the wake of sexual-assault accusations.
In a document, the Financial Conduct Authority detailed restrictions on the movement of cash and assets out of OAM following the company's announcement Thursday that it would downsize operations.
OAM has agreed to the voluntary restrictions after the company's dramatic demise in the space of a week, which followed accusations its founder Crispin Odey had sexually assaulted eight women.
Odey, who denies the allegations along with accusations reported by the Financial Times that he abused or harassed five other women, has quit the group.
Following his departure just a few days after the FT report, OAM last week said the hedge fund would be dismantled, with activities transferred to other firms.
The Financial Conduct Authority's restrictions were "pretty usual" in this context, a source close to the matter told AFP.
They added the move was "to ensure that (the company) retains enough assets to do what they need to do".
The FCA action comes after a cross-party panel of British lawmakers called upon the UK regulator to answer questions surrounding its supervision of OAM and Crispin Odey.
"Culture in financial services, and the experiences of women in the industry, are ongoing concerns of the Treasury Committee," its chair Harriett Baldwin had said.
The committee has also asked the FCA to answer questions surrounding its wider work on non-financial misconduct.
A British court ruling in 2021 found Odey not guilty of sexual assault against a female banker.
The alleged incidents reported by the FT were said to have occurred between 1998 and 2021.
The allegations follow separate recent reports by another British newspaper, The Guardian, revealing similar claims made by women at main UK business lobby group, the CBI.
These have led to a shake-up at the organisation as it struggles to rebuild trust among companies and from the government.