Tuesday, 21 October 2014
Last updated 2 hours ago
Jul 11 2011 | 1:09pm ET
Lawyers for IKOS Asset Management accused a former analyst at the hedge fund of illegally downloading its algorithmic trading programs as part of a scheme to found a rival hedge fund headed by former IKOS chief investment officer Martin Coward.
The allegation emerged during a court hearing in Cyprus as part of one of the dozens of legal squabbles between Coward and his estranged ex-wife Elena Ambrosiadou, who heads IKOS. In May, the hedge fund responded to accusations that it has been spying on employees and former employees by accusing Coward of stealing IKOS' proprietary information and systems and of seeking to take control of the firm, of which he claims to still own a piece.
Now, IKOS has put some meat on those accusations, accusing Vincent Pfister of downloading its algorithmic trading systems, designed by Coward, and shipping them to France. Pfister has admitted to downloading the codes but denied sharing them with Coward, whom IKOS accuses of trying to set up a rival firm in Monaco.
The "clever and greedy" Pfister was "undoubtedly part of Coward's plans" to found another hedge fund, IKOS alleged.
Another hearing is set for Friday at which Pfister will have to defend himself against contempt of court charges. According to IKOS, he fled to Britain to avoid a court date in Cyprus.
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…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...