According to two different emails to investors obtained by Bloomberg, Odey Asset Mangement received withdrawal requests totalling around 19% of the flagship Odey European Inc. hedge fund and 35% of the OEI Mac Inc. fund for their next trading day on July 3 2023.

Prior to his expulsion from the partnership this month, Crispin Odey oversaw the funds; Freddie Neave took charge in his place.

“Given the level of requested redemptions, investor concentration and liquidity profile of the fund, the fund board has determined that it would not be in the best interests of the fund and its shareholders as a whole to continue to permit issues and redemptions of shares,” the company stated in the letter regarding the European Inc. fund.

The company is also thinking about changing the way the fund operates, which might let investors transfer their funds to a new fund.

In February 1994, the OEI Mac Inc. fund was established, as of the end of April, it was overseeing around $550m.

Since 1992, the Odey European Inc. fund has served as the primary hedge fund product for the company.

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The strategy, which handled around $1bn at the end of April, has a history of making significant swings.

When inflation and political unrest rocked the British economy in 2022, Odey’s high-leverage short bets on long-dated UK government bonds helped the fund produce its best-ever performance, returning 152%.

Two additional money pools have been halted, joining four others due to a withdrawal of investors from Odey and its associate Brook Asset Management.

The asset management company has terminated its founder’s partnership following the charges, closed one fund, and halted others.

The investment fund stated earlier this month that it was in advanced talks with other asset managers to move its assets and several of its staff.