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Alternative Market Briefing

IKOS wins IP case after bitter three year battle

Monday, May 20, 2013

Beverly Chandler, Opalesque London: A UK high court judge has ruled for Elena Ambrosiadou and her $3bn European hedge fund firm IKOS Partners, in a bitter three year fight with her former business partner and husband Martin Coward over the intellectual property rights for the quantitative analysis software that underpins IKOS's trading.

In a statement, IKOS described it as a decisive victory against Coward, and the case as 'a resounding success' for IKOS and its CEO, Ambrosiadou. A report in the UK’s Daily Mail said that the judge, Mrs Justice Asplin, described neither of the parties as an 'entirely satisfactory' witness. "It was quite clear that they are both highly intelligent and astute individuals. Unfortunately, their approach to giving evidence was tainted by their obvious and deep animosity and the extremely close correlation between their business and their personal affairs."

In her written ruling, the judge described Coward’s approach to giving evidence was, at times, 'cavalier', and she found him to be evasive when questioned about various agreements. She added that she found Ambrosiadou "to be extremely evasive and prone to making lengthy speeches in order to avoid answering questions which did not suit her, in what often appeared to be an ......................

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