ECONOMY

Ikos court battle continues between estranged co-founding couple

Martin Coward, the co-founder of Ikos Asset Management Ltd, sued his estranged wife’s businesses in a UK court over ownership of copyrights to computer software that runs the hedge fund’s trading platform.

Coward was the “architect” of the “bedrock of the family business,” he created with Elena Ambrosiadou, his lawyers said at the start of a three-week trial in London on Tuesday.

“Practically all of the financial markets expertise at Ikos resided in Coward,” said Michael Bloch, his lawyer.

Ikos, a hedge fund with $1.36 billion in assets under management that uses computer algorithms to spot profitable futures markets trades, has been embroiled in litigation involving Coward and other former employees around the globe.

The estranged couple, who started divorce proceedings in Greece in 2009, have filed more than 40 lawsuits against each other in at least four countries.

[Bloomberg]