The co-founder of Cyprus-based hedge fund firm IKOS Asset Management is suing his ex-wife over the copyright ownership of computer software that runs the firm’s trading platform.
Lawyers for Martin Coward said that that the hedge fund manager, who left the firm in 2009, was the “architect” of the business and “practically all of the financial markets expertise at IKOS resided in Coward himself,” as reported by Bloomberg.
Coward's estranged wife, Elena Ambrosiadou, who is also the co-founder of IKOS, is expected to testify later this week and denies Coward’s version of events of how the firm was formed.
The pair have filed over 40 lawsuits against each other since their divorce proceedings in 2009.
The couple launched IKOS in 1992. Coward’s doctorate in mathematics and work on Goldman Sachs’ quantitative trading program and Ambrosiadou’s background in chemical engineering -- she was an executive at BP before setting up the firm -- helped the firm flourish. It grew to about $3 billion in assets under management.