Wednesday, 1 October 2014
Last updated 4 hours ago
Jun 28 2011 | 5:32am ET
A co-founder of BlueCrest Capital Management's institutional business has sued the hedge fund and three of his former partners for more than US$1.4 million more than a year after he says he was forced out at the firm.
Stephen Ilott, a fixed-income specialist formerly at Aberdeen Asset Management and Deutsche Asset Management, claims that he and three other fund managers at BlueCrest's Alignment Investors division agreed to split 40% of the profits between them. BlueCrest rejects that claim, alleging in its response to the lawsuit that "Ilott and these defendants never acted in business together but instead on or about 22 July 2008 each separately agreed to and shortly thereafter commenced employment with BlueCrest upon the term of contracts of employment."
Ilott is seeking £878,000, which he says is his share of the profits at the US$1 billion unit in 2009 and 2010, CityWire reports.
"Mr. Ilott has suffered and continues to suffer loss and damage representing his share of the Alignment business for 2009 and continuing years, and the value of his partnership interest in the Alignment partnership," his lawyer, Robin Knowles, wrote in court papers.
In addition to BlueCrest, Ilott names George Cooper, Andrew McCaffery and Richard Williams in the complaint. He claims Cooper and Williams pushed him out of the firm in January 2010, alleging that he was not "pulling his weight." McCaffery has since left BlueCrest to return to Aberdeen.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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