Thursday, 28 August 2014
Last updated 41 min ago
Jul 27 2010 | 12:39pm ET
In December, IKOS Asset Management co-founder Martin Coward left the two-decade-old hedge fund he set up with his wife with “goodwill.” But that goodwill has been sorely tested as Coward’s divorce from his wife and partner, Elena Ambrosiadou, has grown nasty and possibly damaged their firm.
Ambrousiadou filed for divorce from Coward last April. But, according to The Wall Street Journal, the marriage was on the rocks for at least a year before then. And, according to several lawsuits, the dispute’s effect on IKOS has been devastating.
The firm’s assets under management fell by US$2 billion to US$1.35 billion earlier this year, although strong performances and inflows have since pushed them back to US$1.95 billion. The troubles started when Coward and Ambrosiadou, a Greek native, moved the business from London to Cyprus.
That move led husband and wife to lead increasingly separate lives, according to the Journal, with Coward taking frequent vacations. During one of them, Ambrosiadou took the opportunity to fire Coward’s 12-person London research team and one of the firm’s senior fund managers without telling her husband.
Those firings have led to a lawsuit for unlawful dismissal. It was also the “casus belli so far as the marriage was concerned,” according to a ruling earlier this month by a British High Court. Coward did not learn of the firings until three days later. Four months later, Ambrosiadou filed for divorce in Greece.
Not even Coward’s exit from the firm in December has calmed matters. Greek police were called in after Ambrosiadou claimed he had illegally used a private jet owned by the family trust to fly from France to Greece.
Coward took a commercial flight home. He is now considering launching a hedge fund of his own.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...