Sunday, 1 May 2016
Last updated 1 day ago
Aug 12 2010 | 11:39am ET
F&C Asset Management denied trying to bully a pair of hedge fund managers with whom they set up a joint venture as it tries to avoid paying the men as much as £40 million.
The London-based money manager and former partners François Barthelemy and Anthony Culligan have sued each other, with the former trying to prevent the two from exercising put options that would force F&C to buy out their 40% stake in F&C Partners. Barthelemy and Culligan allege that F&C deliberately undermined the hedge fund joint-venture to avoid buying them out.
On the stand this week, Barthelemy said that “it’s very clear in my mind F&C have tried to bully me,” telling a London court that F&C’s cuts at the joint venture were designed to kill the project without consulting either himself or Culligan.
F&C rejected Bathelemy’s bullying allegation.
“This is a baseless assertion with no factual evidence to support it,” a spokesman told Reuters.