Odey Special Situations has been suspended following the receipt of "a sizable level of redemption requests".
In a letter to investors, the board of Odey Investments enforced a temporary suspension of the issues, conversion and redemption of shares in the $80m fund.
The suspension is effective from 15 June and will continue "until such time as the directors consider it appropriate to lift it".
Fifth suspension
This marks the fifth fund to be suspended across Odey Asset Management and its subsidiary Brook Asset Management.
So far this week, Brook Developed Markets has been suspended following redemption requests that exceed 10% of the fund NAV, LF Odey Portfolio has been suspended in anticipation of redemptions and LF Brook Absolute Return was suspended following consideration of "all relevant circumstances regarding Odey Asset Management".
Odey Swan is suspended while the fund as it begins the process of closing the vehicle.
Yesterday (15 June), it was revealed that Odey AM was in "advanced discussions for rehousing funds and transferring certain fund management activities and individuals to other asset managers".
Fidelity International restricts new investments
On 13 June, Fidelity International restricted new investment into two funds from Odey Asset Management and Odey AM-subsidiary Brook Asset Management, in a move it said was "in the best interests of our customers".
Customers of its Personal Investing and Fidelity Adviser Solutions platforms will no longer be able to buy shares in LF Odey Opus and LF Brook Continental European, but current investors are able to redeem existing holdings in the funds.
Fidelity International added: "The LF Brook Absolute Return Fund, which was previously available through Fidelity Adviser Solutions, has been fully suspended by the fund's authorised corporate director, Link Fund Solutions."
