Hedge fund innovator initiates legal action against former spouse's firm concerning investment program software.
Martin Coward, the founder of Ikos Asset Management, is currently embroiled in a legal dispute with his ex-wife's company, Phaestos, over the use of an algorithmic trading software that he developed for Ikos Asset Management.
Coward and Ambrosiadou, a former BP executive turned hedge fund manager, filed for divorce in 2009, and since then, their split has attracted widespread media attention. The latest dispute between the two parties revolves around the use of the algorithmic trading software, which has been a point of contention since Coward left Ikos Asset Management following their divorce.
In 2009, Coward leaked divorce papers to the press, which added fuel to the media frenzy surrounding their separation. Since then, the couple has exchanged numerous lawsuits in courts around the globe. However, as of now, there are no publicly available or verified reports about any allegations or court proceedings between Coward and Ambrosiadou involving stolen algorithmic trading software in the UK.
Coward has sued Phaestos over the use of the algorithmic trading software, claiming it as his intellectual property. This trial, being heard in the UK high court this week, marks the continuation of the media attention on the split between Coward and Ambrosiadou. Notably, Ambrosiadou is not a defendant in this trial.
In 2011, Ikos Asset Management alleged that Coward stole its intellectual property when he set up a new hedge fund in Switzerland. Coward, in turn, countersued Ikos Asset Management last year, alleging that they used his intellectual property, but subsequently withdrew the suit.
Coward is a quantitative analyst known for pioneering the use of algorithmic trading software. His work in this field has been instrumental in the evolution of the financial industry. Despite the ongoing legal disputes, it is clear that Coward's contributions to the field of algorithmic trading will continue to shape the industry for years to come.
In response to the ongoing disputes, Ambrosiadou has expressed the need for electronic theft laws to be introduced in the UK and Europe. As the trial progresses, it remains to be seen how this legal battle will unfold and what impact it will have on the future of algorithmic trading.
The ongoing trial in the UK high court this week centers around Martin Coward's lawsuit against Phaestos, concerning the use of an algorithmic trading software that he developed for Ikos Asset Management. In the realm of business and technology, Coward's contributions to algorithmic trading have significantly influenced the financial industry, making him a recognized quantitative analyst.
