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: High Conviction, Low Correlation

Oct 30 2014 | 7:35am ET

Acadian Asset Management's numbers are big: over $70 billion in assets under management...

Lifestyle

Ex-Hedgie Steyer Gives $56M To Climate Action Super PAC

Oct 28 2014 | 9:23am ET

Retired Farallon Capital founder Tom Steyer has poured almost $56 million into his...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

Demeter: Family affair

David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.