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: Quad Advisors’ Borish Is Looking For Real Traders, Not Index Huggers

Aug 20 2014 | 1:43pm ET

Peter Borish, who served as founding partner and director of research at Tudor Investment...

Lifestyle

Nicky Hilton To Wed James Rothschild

Aug 20 2014 | 5:23am ET

When it comes to husband-material, socialite Nicky Hilton is sticking with finance...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

 

Futures Magazine

PREVIEW July/August 2014 Cover

Inside Futures' 500th Issue

The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.

The Alpha Pages

TAP July/August 2014 Cover

Real talk on alternative investments, business & finance

The Alpha Pages Editor's Note