Sat, Sep 5, 2015
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. Opalesque Exclusive: New Detroit-based CTA seeks to take advantage of coming volatility[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: An emerging manager has just set up his one-man shop in the city of Detroit. Synchronicity Futures,

  2. Opalesque Exclusive: When the SEC calls, fund managers need to get out of their own way[more]

    Bailey McCann, Opalesque New York: New pressure is hitting alternative investment funds from all angles. So far this month both hedge fund and private equity players have seen enforcement actions, and subsequent fines over fees, disclosures, and misleading statements. Citi one of the biggest

  3. Fortress hedge fund manager David Dredge says markets trouble on the way[more]

    From AFR.com: David Dredge of global hedge fund Fortress has built a career studying, predicting and protecting against the world's major financial crises. The recent convulsions in global sharemarkets are "just the beginning" of a painful adjustment as money drains from the emerging market economie

  4. North America - Puerto Rico agency plans talks with hedge fund creditors[more]

    From WSJ.com: Puerto Rico’s Government Development Bank is planning to begin confidential debt-restructuring talks with hedge funds that own its bonds as early as next week, said a person familiar with the matter. The parties are set to discuss a plan under which the investors would lend additional

  5. Launches - BlackRock’s McKenna starts hedge fund with $270m, Ex-BlueBay fund managers Phillips, Fayman to launch hedge fund in 2016, Dallas lawyer, Wall Street-savvy doctor team up to form biotech-focused hedge fund[more]

    BlackRock’s McKenna starts hedge fund with $270m From Bloomberg.com: BlackRock Inc. has started an event-driven hedge fund one year after hiring Harvard Management Co.’s Mark McKenna to run the strategy. Global Event Partners, which seeks to profit from corporate events such as takeovers

 

banner