Ex-IKOS Exec. Coward Readies New Hedge Fund

Oct 31 2011 | 12:15pm ET

Former IKOS Asset Management chief investment officer Martin Coward is set to launch a hedge fund next year.

Coward will launch a rival to IKOS, which is controlled by his ex-wife Elena Ambrosiadou, in Monaco, where he lives and runs a company called Flot SAM, the Financial Times reports. Coward's new firm will employ quantitative models, similar to those Coward wrote for IKOS before his departure in 2009.

Coward's decision to launch a hedge fund will almost certainly reignite the still-blazing battle between he and Ambrosiadou. The former spouses are engaged in a whole host of legal actions against one another across Europe, with IKOS filing a criminal complaint against Coward in Monaco and allegations of spying, stealing and all manner of other misdeeds abounding.

Ambrosiadou has also gone to great lengths to prevent Coward from starting a rival firm.

Coward, who claims he still owns a piece of IKOS, although he dropped a copyright case against the hedge fund in May, has admitted that he downloaded IKOS' proprietary code, which he designed. But he has offered his old firm a "legal audit" to show that his new hedge fund will not use that code.

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