Ex-BlueCrest Manager Sues For US$1.4M

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.


In Depth

Q&A: Reg A+ Will Transform the Alternative Asset Landscape

Jul 7 2015 | 4:03pm ET

In addition to easing capital formation for small companies, Regulation A+ has enormous...

Lifestyle

Fiat Chrysler Files Paperwork For Ferrari IPO

Jul 23 2015 | 5:05pm ET

Italian sportscar maker Ferrari has taken a step closer to a stock market listing...

Guest Contributor

Lifting of Foreign Ownership Limits Signals Sea Change in Vietnam's Capital Markets

Jul 28 2015 | 3:01pm ET

The lifting of restrictions on foreign ownership limits in Vietnam later this year...

 

Editor's Note