Ex-IKOS CIO Opens Hedge Fund To Investors

Feb 28 2014 | 10:50am ET

IKOS Asset Management co-founder Martin Coward has begun accepting outside money for his quantitative hedge fund.

Coward’s Malta-based dormouse has been trading since July 2011 with the former Goldman Sachs trader’s own money and that of two other investors, who have not been identified. During most of that time, Coward has been battling his estranged wife, IKOS chief Elena Ambrosiadou in court; the two filed more than 40 lawsuits against each other in four countries, alleging spying, theft and all other manner of misdeeds.

The heart of the dispute, however, is IKOS’ proprietary trading software, which Coward says he created and which IKOS says he stole. Last year, a British judge found that IKOS owned the copyright on the software.

With that settled, Coward is ready to take on investors. He told Bloomberg News that dormouse, which currently manages US$270 million, hopes to grow to about US$1 billion within three years.

“We’re not expecting to be overwhelmed,” he said. “Obviously, it’s a difficult moment for” commodity trading advisers. “We want to keep it relatively small.”

Coward said that dormouse currently employs 10, but plans to double in size, and will open an office in London to house marketing employees and research analysts.

The firm returned 6% in the second half of 2011 and 18% in 2012, before losing 6% last year.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...