The firm founded by scandal-hit City titan Crispin Odey is to close after a newspaper published allegations of sexual assault and harassment against him.

A notice posted on the Odey Asset Management (OAM) website on Tuesday said the investment service will be shutting down, with funds and fund managers moving to new investment managing firms.

The business faced a range of obstacles in the wake of the investigation by The Financial Times, including a probe by the finance regulator, the severing of ties by banking partners and customers pulling out their money.

At its peak, OAM managed $13.3bn (£10.94bn), with $3.8bn (£3.12bn) under its control last year.

Financial Conduct Authority (FCA) probes are under way into OAM and Mr Odey.

Work on moving funds and staff had been taking place since the publication of allegations against Mr Odey in June.

Mr Odey, who is believed to be worth hundreds of millions of pounds, has strenuously denied the claims.

The firm is now in advanced discussions for rehousing funds and transferring certain fund management activities and individuals to other asset managers”, Mr Odey said.

OAM was also already in the process of replacing its founder’s functions in the business, having announced he left the partnership after being accused of sexual misconduct.

The Financial Times – together with Tortoise Media – said it had spoken to 13 women who claimed they were abused or harassed by the 64-year-old fund manager.

The alleged incidents happened between 1998 and 2021 and involved women who had either worked for Odey Asset Management or had professional dealings with Mr Odey.

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Mr Odey stepped down as co-chief executive of OAM during the COVID-19 pandemic but remained a large shareholder.

In 2021, he was found not guilty in a court case in which he was accused of an indecent assault which allegedly happened in 1998.

It is understood Mr Odey, who is a donor to the Conservative Party, has been married three times and has three children.

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