Rubicon Launches Suit Against Former Global Fund Managers

Aug 4 2011 | 8:35am ET

London-based Rubicon Fund Management has initiated legal action against two of its former fund managers—Santiago Alarco and Tim Attias—and GAM Holdings research chief Catherine Cripps, with whom Attias plans to launch a new fund next year.

Rubicon alleges that Alarco and Attias "conspired and acted in breach of their covenants and fiduciary duties to Rubicon whilst still in its employ," the company said in a statement. Rubicon is seeking declaratory relief, injunction, damages and account of profits and costs.

Attias and Alarco were co-managers of Rubicon’s top-performing Global fund which has posted double-digit returns in each of the last three years (including a 44% return in 2008). Attias left the company in January of this year and Alarco followed in April—just as Rubicon co-founder Paul Brewer returned from a two-year leave of absence. Alarco is currently sitting out his non-compete agreement.

In early July, Attias and Cripps announced plans to launch a global macro fund to be called Sata Partners.

A Rubicon spokesman said, “Aside from the legal proceedings we are keen to correct recent media reports about the historic management of our funds.” In its statement, the firm attributes “two-thirds” of the Global fund’s 44.80% 2008 return to CIO Brewer.

Further driving the point home, the Rubicon statement adds: “Paul Brewer, the man who built Rubicon, is now very much back in the driving seat and is determined to protect the interests of investors and Rubicon’s reputation.”

The Caymans-domiciled Rubicon had assets under management of $1.4 billion as of 2010.
 


In Depth

Q&A: Open Season For Closed-End Funds

Aug 29 2014 | 10:00am ET

When Maury Fertig and Bob Huffman, former Salomon Brothers coworkers, launched...

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.