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

Will Liquid Alts’ Performance Sustain Future Asset Flows?

Aug 25 2014 | 10:34am ET

Liquid alternative investment funds saw the highest percentage of capital inflows...

Lifestyle

Och Funds Women In Finance Initiative At U-M

Aug 28 2014 | 3:01pm ET

Och-Ziff Capital founder Daniel Och and his wife have made a "generous donation"...

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

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

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.