Ex-Fund Of Funds Exec. Sues ACPI Over ‘Bullying’

Sep 24 2010 | 11:13am ET

Is there an epidemic of bullying at London hedge funds? The former chief investment officer at ACPI Investments’ fund of hedge funds unit has leveled the charge at his former employers, who he claims were trying to stiff him on his bonus.

Stephen Greene has sued ACPI, alleging the firm “bullied, harassed and threatened” him. Alok Oberoi, the former Goldman Sachs partner who set up ACPI predecessor ACP Partners, told Greene “that he would like to throw the claimant through the fourth-floor glass window of Oberoi’s office” and threatened to assault him while “acting out the process of punching and slapping,” Greene alleges.

Greene also accused ACPI, which manages US$2.75 billion, of overcharging clients and ignoring his admonitions to pull their investment in a Bernard Madoff feeder fund.

ACPI co-CEO Brett Lankester told Bloomberg News that “the whole case is completely baseless.”

“There’s not a single one of his assertions which is based in fact,” he said.

Greene said he was suspended from the firm last March after complaining about the “‘culture of aggression’” at the firm under which “partners shouted, swore and bullied staff on a regular basis.” He resigned a month later. He asked the court for £70,000 in unpaid bonuses and for damages, both for his 4% stake in the firm and damage to his reputation.

Greene’s lawsuit comes just months after a pair of hedge fund managers sued F&C Asset Management alleging that the firm attempted to “bully” them into not exercising their option to have F&C buy out their stake in a joint-venture.

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