Threadneedle Asia Hedge Fund Sales Chief Sues Ex-Employer

Nov 16 2011 | 10:49am ET

A Threadneedle Asset Management executive has had to resort to the courts over what is normally a formality: resignation.

Jonathan Allen, who heads the firm's hedge fund sales effort in Asia, resigned from Singapore-based Carnelian Capital two-and-a-half years ago. But Carnelian still lists him as a director of the company, which he joined in 2008.

Allen wrote in a court filing that the situation "has caused a severe strain in my relationship with my employer which has the potential of jeopardizing my employment and my future in the asset management industry, due to no fault of my own." Allen said he'll be unable to serve as CEO of Threadneedle's planned Singapore office as long as he is listed as a director at Carnelian.

The former head of Carnelian, Allen also took the opportunity to take several shots at Carnelian, suggesting its "significant" debts may force a liquidation, alleging it did not have "basic operating funds" for its alternative investment operations and that it "consistently failed" to pay him on time.

Carnelian is yet to respond to the lawsuit. A hearing is scheduled in Singapore for Friday.

In Depth

PAAMCO: Will Inflation Deflate the Asset Bubble?

Jan 30 2018 | 9:49pm ET

As the U.S. shifts from monetary stimulus to fiscal stimulus, market pricing should...


CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Boost Hedge Fund Marketing ROI By Raising Your ROO

Feb 14 2018 | 9:57pm ET

Tasked with delivering returns on client capital, a common dilemma for many alternative...