The crisis-hit hedge fund, which had already moved to halt customer withdrawals, now tells investors that it is to transfer some of its activities and staff to other asset managers,.
The first signs of trouble emerged last week, after the Financial Times and Tortoise Media published their claims against Mr Odey, when several major global banks said they were reviewing their funding relationships with OAM.over a 25-year period.
The OAM letter said:"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 considered subject of course to any relevant regulatory approvals and due diligence, with a view to an orderly transition of any assets and investors.It concluded:"Acting in the best interest of our investors and our staff has continued to be our primary concern over the past few days. We will continue to update you."
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