Monday, 20 October 2014
Last updated 3 hours ago
Aug 26 2011 | 1:08pm ET
A former IKOS Asset Management analyst has been ordered to pay €25,000 for allegedly stealing the firm's algorithmic trading systems.
Vincent Pfister was found to have ignored an order last year by a court in Cyprus, where IKOS is based, to turn over all of the hedge fund's intellectual property. But Pfister both e-mailed the data to himself and downloaded it onto a memory stick, which he then mailed to his parents in France from England.
Pfister denied that he had ill intent, although he admitted he planned to work for IKOS co-founder Martin Coward after leaving the hedge fund last year. He claimed that he was a pawn in the nasty battle between Coward and his wife, IKOS chief Elena Ambrosiadou and that he merely panicked about the memory stick.
"It is not possible that the accused could not remember having possession of the USB stick on which he had downloaded information from IKOS," the judge ruled, also dismissing his claims of "panic and naïveté."
IKOS' battle with Pfister is among several dozen legal actions taken by both sides in the dispute. IKOS claims that Coward was seeking to set up a rival hedge fund in Monaco, where he lives, while Coward claims that he still owns a stake in IKOS and alleges that IKOS and Ambrosiadou have been spying on him and other former IKOS employees.
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 ...