Federal Budget

Odey offloads stake in UK Retailer AO

Odey offloads stake in UK Retailer AO

Business

Odey offloads stake in UK Retailer AO

(Reuters) - Odey Asset Management has sold its 19% stake in UK-based retailer AO World Plc (AO.L) to Frasers Group (FRAS.L), Sky News reported on Saturday.

Frasers Group bought the stake for 75 million pounds ($94.27 million), the report said.

Odey Asset Management, AO and Frasers Group did not immediately respond to a request for comment by Reuters.

On Friday, asset managers Schroders Plc (SDR.L) and Canada Life moved to cut back their dealings with Odey Asset Management, citing allegations of sexual misconduct by its founder, Crispin Odey, that were published by the Financial Times and Tortoise Media a day earlier.

He denies all wrongdoing and has no known criminal conviction.

On Thursday, Reuters reported that the British hedge fund's prime brokers, including Goldman Sachs (GS.N) JPMorgan (JPM.N) and Morgan Stanley (MS.N), were reviewing their relationships with Odey over the allegations.

Odey Asset Management told investors in a letter dated June 8, which was seen by Reuters, that it "does not recognise the picture of the firm that has been painted" by the allegations.