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

Hedge Funds Take Interest In ‘Soft Deposits’

Nov 19 2014 | 11:56am ET

New York-based Winchester Equities, headed by Avi Benamu and Jack Hazan, funds soft...

Lifestyle

Cohen Buys $101 Million Sculpture

Nov 12 2014 | 9:17am ET

Steven Cohen was the sole bidder for a rare Alberto Giacometti sculpture at Sotheby...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

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

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

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.