The husband-wife power duo who founded the British hedge fund, Ikos, are currently divorcing, and it’s apparently stirring up trouble inside the hedge fund.The Daily Mail reported last month about the dispute between the Ikos co-founders, Elena Ambrosiadou and Martin Coward, over the private jet and today the Wall Street Journal reports that before Coward left, the disputes troubled the hedge fund, too.
According to the WSJ, while Mr. Coward was skiing in the Alps in December 2008, Ms. Ambrosiadou fired the roughly 12-person London research team and a senior fund manager in Cyprus.
One of the twelve let go, Peter Ho, a longtime senior Ikos manager filed with the court that he was fired unfairly because “of increased and unbearable tension between her and Martin Coward,” says the WSJ.
And apparently the fund’s asset levels have suffered too.
Though the futures fund (the bulk of the firm’s assets) is up about 16%, and Ikos’s two other funds are up about 20% and 5.5%, the current asset level is around $1.95 billion, down from about $3.4 billion in 2007.
Now this weekend, the Daily Mail offers a clue as to what caused such a rife between the one-time power couple.
If this photo is to be believed, the trouble may well have been caused by a woman, Leiana, who Martin is apparently seeing Coward, according to the Daily Mail.
“She hasn’t got much of a head for business, but she does like topping up her tan,’ says a friend of Monte Carlo-based Coward’s new squeeze. ‘Naturally, Martin is very proud of her.’