IKOS Says Ex-Analyst Stole Trading Code

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.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Often seen as a passion project, or part of a philanthropic venture, rare and fine stringed instruments offer an exciting option to diversify one’s investment portfolio while providing an opportunity for an exceptional long-term investment.