Saturday, 28 February 2015
Last updated 11 hours ago
Jul 16 2008 | 11:00am ET
Gottex Fund Management has sued a Connecticut hedge fund manager, alleging that it broke promises and misled it over redemption requests.
The US$16 billion Swiss fund of hedge funds manager says that Greenwich-based Stewardship Investment Advisors and its managing director, Marlon Quan, did anything but live up to the firm’s name. According to the complaint, filed in Connecticut federal court, Stewardship agreed to let Gottex withdraw its $100 million investment but paid out the redemption in participatory notes. It also accuses Stewardship and Quan of misleading it about lowered management fees after it threatened to withdraw its money two years ago.
The charges in the complaint include fraud, intentional misrepresentation, negligent misrepresentation, and breach of good faith and fair dealing.
Stewardship asked a judge to dismiss the case last week.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…