Brevan Wants Ex-Partner Payday Returned

Aug 15 2014 | 8:34am ET

Brevan Howard Asset Management co-founder Chris Rokos had a very convenient change of heart about whether he planned to start his own hedge fund, the firm alleges.

Rokos is suing Brevan to be freed from a five-year non-compete agreement. But the hedge fund said that Rokos assured them at the beginning of the year that he had no plans to manage outside capital, ensuring that it would pay him $73 million in profit allocations. Less than two weeks later, he informed Brevan that he planned to get out of the non-compete.

Rokos wishes to break that agreement because it “no longer [fits] in with his current wishes, yet he still seeks to retain all financial benefits conferred on him under those agreements and to exploit the high personal profile, reputation and track record that Brevan Howard has afforded him to damage its interests,” Brevan alleges. In addition to the voiding of the non-compete, Rokos wants to be confirmed in his right to share in Brevan’s profits through 2018.

Brevan said that, had it known of Rokos’ plans, it might had withheld all or some of the $73 million. It now wants that money back.

The $37 billion firm is battling Rokos’ bid to end the non-compete, and has filed a countersuit for breach of agreement.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

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

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

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.