Sun, Dec 21, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Hedge fund firm IKOS defends ‘spying’ move

Wednesday, May 25, 2011

Elena Ambrosiadou
Opalesque Industry Update - The Cyprus-based hedge fund firm IKOS Asset Management Ltd., whose founder Elena Ambrosiadou is currently in the process of divorcing former-director Martin Coward, defended its decision to probe its former employees, claiming the action was legitimate.

In a statement on May 24th, IKOS said that it decided to initiate the investigation to protect the interest of the company. The probe was launched after the firm discovered the theft of confidential information, software and trade secrets.

It filed civil actions against a number of former employees, including Martin Coward. Criminal investigations are being pursued by the authorities in Cyprus and Monaco.

The company issued the comments after past fund manager Tobin Maxwell Gover accused in a Financial Times article on May 21st IKOS of unlawfully hiring a woman to spy on him. Ambrosiadou had to pay damages to Gover following initial spying allegations last year, said Bloomberg.

In yesterday’s statement, IKOS maintains that over a number of years, Martin Coward and his acolytes had conspired to take control of the company and misappropriate its technology. Coward also launched and abandoned a number of indiscriminate litigations since 2009. IKOS is now taking robust legal action to recover any misappropriated software and enforce its rights, and Martin Coward and other former staff are prevented by injunctions from using IKOS’ technology in any way. Therefore, the statement says, all investigations “were necessary and appropriate to protect its business and its investors.”

Things have been going rather well for the company since December 2009 when Martin Coward left: it has increased its asset base by more than 60%, received 5 awards and delivered strong performance. Furthermore, Elena Ambrosiadou, a former chemical engineer, was the first person listed in a recent survey sponsored by PricewaterhouseCoopers called “50 Leading Women in Hedge Funds” (Source).

She was interviewed on Opalesque TV last year: Source.

A specialist in global quantitative trading, IKOS celebrates its 20th anniversary this year. It employs 85 staff and manages $2.5bn in AuM.

K. Manalo, B. Gravrand

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - Big hedge funds win again on PetSmart, Riverbed, RBS sells real estate loans to hedge fund Cerberus, Talisman energy speculation: Which hedge funds could benefit?[more]

    Big hedge funds win again on PetSmart, Riverbed From CNBC.com: Another week, another set of wins for activist investors. On Sunday, pet supply retailer PetSmart agreed to the largest leveraged buyout of the year at $8.7 billion. Hedge fund firm JANA Partners had been pushing for a sale a

  2. Outlook - Hedge fund manager who remembers 1998 rout says prepare for pain, Bond guru Bill Gross predicts U.S. economic growth to dip to 2%[more]

    Hedge fund manager who remembers 1998 rout says prepare for pain From Bloomberg.com: Stephen Jen landed in Hong Kong in early January 1997 as Morgan Stanley’s newly minted exchange-rate strategist for Asia. He was soon working around the clock when investors began targeting the region’s

  3. Investing - Hedge funds get boost from healthcare in 2014, Paulson & Co takes stake in Salix on heels of inventory issues[more]

    Hedge funds get boost from healthcare in 2014 From Valuewalk.com: The healthcare sector started the year on a turbulent note, as stocks of many major biotechnology companies were battered. However, most of the players in this sector have bounced back. The BarclayHedge Healthcare & Biotec

  4. Opalesque Exclusive: U.S. legal receivables fund launched in August[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Investing in asset-backed receivables is a strategy that has been an integral part of the alternative investment space within the overall fixed income asset c

  5. Comment - High fees and low performance hit hedge funds[more]

    From FT.com: Disenchantment over high fees and lackluster performance may finally be turning the tide against hedge funds, fresh data suggest. Despite generally weak returns since the global financial crisis, hedge funds have enjoyed positive net inflows every year since 2010. This helped assets und