Crispin Odey: Hedge fund founder admits propositioning young banker but denies indecent assault, court told

Trial of wealthy Brexiteer ongoing over alleged incident at his Chelsea residence in July 1998

Hedge fund manager Crispin Odey arrives at Hendon Magistrates’ Court in London on 17 February 2021 (Hannah McKay/Reuters)

A married multimillionaire hedge fund manager has admitted propositioning a young investment banker at his home in Chelsea in 1998 but denies indecent assault, a court in London has heard.

Crispin Odey, the 62-year-old founder of Odey Asset Management, has been accused by a woman who cannot be identified for legal reasons of making an unwanted sexual advance at his residence on 13 July 1998 after he had invited her over following a work meeting.

Hendon Magistrates’ Court heard on Tuesday that Mr Odey, who was 39 at the time, had showered and changed into a robe before he “lunged” at the alleged victim, then in her 20s, putting his hand down her shirt to touch her breast and attempting to put his hand up her skirt.

“She said she was shocked and scared,” said prosecutor Kerry Broome. “She wrestled herself free and left.

“Though Mr Odey accepts on the night in question he propositioned her, he denies the assault took place.

“There is therefore a single issue to be resolved - did Crispin Odey physically assault [the complainant] as she alleged or is it simply an ill-judged and unwanted sexual invitation, which was verbal and nothing more?”

The “high-profile” Mr Odey had met the young banker and “showed an interest in her”, leading her to hope he could “further her career”, according to the prosecution.

The court heard that it was common for junior employees of the investment bank to accompany more senior members of staff to meet with clients and, following one such gathering, at which no other men were in attendance, Mr Odey and the complainant had travelled to his house by taxi, with the latter assuming his wife, Nichola Pease, would also be there but she was not.

“Mr Odey suggested ordering takeaway and going to change into something more comfortable,” said Ms Broome. “He returned sometime later wearing a robe, having obviously showered.

“It was by this time the woman was somewhat concerned,” the prosecutor continued. “She didn’t anticipate what was about to happen.

“She remembered sitting in a booth in the seat next to a table so she was blocked in. There was a seat next to her and at that point he lunged at her.

“He put his hand on her breast down her shirt, put his other hand on her back, then he put his other hand up her skirt.”

The woman did not report the incident to the bank at the time but did send an email to Mr Odey in 2013 concerning the episode before reporting it to police four years later in October 2017.

When Mr Odey was interviewed by officers in 2019, the court heard, he accepted she was at his house, where they were talking about work and said she had asked him: “Where is this going to end?”

“Mr Odey said, ‘This is going to end up in bed hopefully’,” the prosecutor said.

“He said the woman was appalled, he had misread the signals and she left. He accepts he made the proposition but said there was no physical assault and for whatever reason she is exaggerating.

“He said it was stupid of him to make the offer, but stupid of her to go to his house.”

Ms Broome added: “This case will turn on whether or not [the complainant] is telling the truth about what happened.

“She is a successful professional with her own family and no obvious motivation... to exaggerate or pursue this claim.”

Outside of his business, Mr Odey, who is worth about £825m according to The Sunday Times Rich List, is known as a vocal supporter of Brexit and for his brief marriage to media mogul Rupert Murdoch’s eldest daughter Prudence in the mid-1980s.

Last November, he stepped down as chief executive of the company he founded, saying he would focus on managing his own funds.

The trial is ongoing.

Additional reporting by PA