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...Fund management of the global equity strategy LF Odey Opus Fund will be taken over by James Hanbury. Oliver Kelton will take over management of the Odey Pan European Fund....
...LFS said in a statement that it agreed the settlement with the FCA “on the basis that there is no admission of liability”....
...It noted that the amount of redress would be based on failings at LFS in managing the liquidity of Woodford’s funds....
...The asset manager gated three other funds — Brook Developed Markets, LF Odey Portfolio, and Brook Absolute Return — and closed the Odey Swan fund....
...In its role as administrator, LFS froze the fund in June that year....
...The firm’s biggest funds include Brook European Focus Fund, run by Oliver Kelton, and LF Brook Absolute Return Fund, run by James Hanbury....
...In 2019, one-time star fund manager Neil Woodford’s £3.7bn LF Woodford Equity Income fund was frozen after investors rushed to withdraw their money....
...A trading suspension on the LF Brook Absolute Return fund, which oversees £451mn and is managed by Hanbury, will be lifted on Friday as Odey Asset Management nears a deal to shift it to Lancaster Investment...
...The proposed payment would come from Link Fund Solutions (LFS), the fund’s authorised corporate director, the company charged with protecting investors’ interests....
...Over the past couple of weeks, the firm has halted trading in Special Situations, Brook Developed Markets, LF Odey Portfolio and Brook Absolute Return....
...The compensation was also dependent on a court-approved agreement between creditors and LFS that would settle all the fund administrator’s debts....
...LFS came under fire after Woodford’s flagship £3.7bn Equity Income fund collapsed in 2019. Some 300,000 investors in this fund are still waiting to get their money back....
..., LF Odey Portfolio and Brook Absolute Return....
...It did not provide further detail on which funds. Its biggest funds include Brook European Focus Fund, run by Oliver Kelton, and LF Brook Absolute Return Fund, run by James Hanbury....
...The firm also decided to close the Swan fund, which managed €117mn. Other funds that were suspended include the Brook Developed Markets, LF Odey Portfolio and Brook Absolute Return....
...Hanbury manages about $1.5bn in assets across his funds, including the LF Brook Absolute Return fund....
...LFS was supposed to monitor the liquidity his flagship Equity Income Fund needed to cover sales by retail investors. Woodford funds collapsed spectacularly in 2019....
...Belfort is considered pond scum to his employer because he’s underqualified, not because he works at LF Rothschild. (“You’re not even a cold caller yet; you’re a connector....
...the global freight business from within LF....
...UBSO: 6; L: 7; I: 7; Total: 20The legal team at the bank advised on the sale of UBS and Mitsubishi’s joint venture, Mitsubishi Corp-UBS Realty, to global investment fund KKR for $2bn....
...It is buying the contract logistics part of LF Logistics, a Hong Kong-based company that is 78 per cent owned by parent group Li & Fung with Singapore state-backed fund Temasek holding the rest....
...James Hanbury at London-based Odey Asset Management has gained 8.1 per cent in his LF Brook Absolute Return fund this year, despite holding positions in Russia that were written down to zero or near zero...
...But it’s making an exception in the case of the Woodford fund — now often called the LF Equity Income Fund, as it is managed by the Link Group....
...Colleague James Hanbury, meanwhile, gained 9.6 per cent in his LF Brook Absolute Return fund. Odey declined to comment....
...(BBG) News round-up BNP Paribas lays down markers of its investment banking ambitions (FT) Maersk to buy Hong Kong’s LF Logistics in $3.6bn deal (FT) Commerzbank says state support boosted restructuring...
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