Mon, Jul 28, 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. Events – AIMA Australian Hedge Fund Forum, Sept. 16, Sydney[more]

    AIMA Australia invite you to join us at our annual Hedge Fund Forum on Tuesday 16th September 2014 at the Sofitel Sydney Wentworth. The AIMA Australian Hedge Fund Forum is a non-profit hedge fund conference organised by the industry for the industry, featuring quality Australian and internation

  2. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  3. Opalesque Exclusive: Loeb, Grantham cite growing economic concerns in letters[more]

    Bailey McCann, Opalesque New York: Hedge fund manager Daniel Loeb, head of Third Point, and Jeremy Grantham of Grantham, Mayo, Van Otterloo & Co. have both released their quarterly investor letters today. While news is positive on some fronts, and both men see pockets of opportunity, they also h

  4. Investing – Hedge funds expect Netflix earnings to catapult forward, Third Point's Loeb takes stakes in Fibra Uno, YPF, Royal DSM, Lake Capital in talks to back Engine Group[more]

    Hedge funds expect Netflix earnings to catapult forward From Investing.com: Netflix has made major strides forward in 2014 despite ongoing battles with the FCC and cable companies over the issue of net neutrality. The FCC has now received over 500,000 comments from the public on its pend

  5. Opalesque Roundtable: European family offices struggle to retain their investments in offshore hedge funds[more]

    Komfie Manalo, Opalesque Asia: The European Union’s Alternative Investment Fund Managers Directive (AIFMD) will constrain investment opportunities amidst concern a number of U.S. fund managers will stop marketing their products in the European Union under the new rule, said Valentin Bohländer fro