Proactive Investors - Barclays (LON:BARC) is said to be the latest banking giant looking to cut ties with scandal-hit Odey Asset Management following sexual misconduct allegations against its founder, Crispin Odey.
The lender is the fund manager’s corporate bank and is following the lead of JPMorgan (NYSE:JPM), Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) in ending relationships, according to the Financial Times.
The FT was the first to break the allegations of sexual misconduct labelled against Odey last month, which the 64-year-old denies.
Odey Asset Management has since severed ties with its founder, announcing plans that would see his name removed from the hedge fund as part of a rebrand.
This hasn’t been enough however to stop the rot, with Barclays now looking to distance itself from the firm.
Barclays is believed to have informed the Financial Conduct Authority that it wants to cut its relationship with OAM.
However, such a process is likely to need to be carefully managed, as the bank administers the partnership’s payrolls, among other vital services.