Mr. Odey vehemently denies the allegations and informed the newspaper that they are “rubbish.”
The hedge fund stated in a statement that it regarded “all allegations of misconduct extremely seriously.”
Mr. Odey had been at the helm of the hedge fund he founded in 1991 for more than three decades. At its zenith, the firm managed more than £10bn in investments.
Mr. Odey, a prominent Brexit supporter, claimed to have profited hundreds of millions of pounds as the value of the pound plummeted following the referendum.
The Financial Times reported Thursday that the charges began in 1998 and ended in December 2021.
Saturday’s statement from an executive at Odey Asset Management confirmed that Mr. Odey would be departing.
It stated, “As of today, he will no longer have any economic or personal ties to the partnership.”
“Odey Asset Management Group Ltd will also cease to be a member, and the partnership will now be owned and managed as an independent legal entity by the remaining partners.”
The executive committee reported that the company’s policies and procedures were always adhered to.
Odey Asset Management said it was “fully transparent” with the FCA and will contact clients over the weekend.