Sophia Whitbread, the only female portfolio manager at what used to be Crispin Odey’s investment empire, has been the best performer among her peers in the firm since a crisis engulfed the company earlier this month. But that hasn’t been enough to retain clients.
Whitbread’s Brook Global Emerging Market fund has gained 5% since fresh sexual assault allegations against Odey surfaced in a Financial Times investigation on June 8. Yet the fund’s assets have since dropped by almost 36% to about $64 million as investors pulled their money, according to data compiled by Bloomberg. Her fund is alone is making money during the period among 12 money pools at the firm tracked by Bloomberg.
Clients have been exiting Odey Asset Management and its affiliate Brook Asset Management since the FT report on Odey’s alleged treatment of women over a 25-year period. The accusations followed similar complaints in the two years since he was acquitted of an assault charge in British courts. Two women came forward to Bloomberg News, another went to the Times of London newspaper. Later, more appeared in a Tortoise Media podcast.
The latest allegations have prompted the London-based asset manager to oust its founder from the partnership, shutter one fund and suspend four others. It has also started the process of hiving off its funds and employees, signaling its end.
A spokesman for the investment firm declined to comment, while Whitbread couldn’t immediately be reached for comment.
Whitbread, who previously worked at Newton Investment Management, joined Brook two years ago and manages the emerging market strategy. She took over from Robert Marshall-Lee who left a year after joining Odey Asset Management.
--With assistance from Yaqi Huang.
(Updates with latest fund data in the second paragraph)
