Britain’s highest-paid woman is embroiled in a bitter legal battle with two former workers that threatens to lay bare the secretive world of hedge funds.
Ikos, the £1 billion company owned by Elena Ambrosiadou, is being sued for £26 million by Julian and Lucien Gover, 41-year-old twins who once held senior positions in it. They claim they have been shut out of a stake in the company, according to court documents seen by The Times.
The Ikos Group of Companies, controlled by Ms Ambrosiadou, has issued its own legal proceedings for the return of confidential computer files holding client details. It claims that the brothers hold financial secrets that have helped Ms Ambrosiadou to build a personal fortune of about £200 million.
Both claims will detail the inner workings of one of Britain’s most successful hedge funds, where investors trust the analytical prowess of academics and the market expertise of traders to yield large profits.
Lucien Gover said that he and his brother had not been paid their dues. “After a 13-year relationship, Ikos wanted us to leave the company for reasons unknown. All commercial decisions have an economic consequence. In this case, it’s the requirement to make a fair and equitable payment to us upon our departure,” he said
Ambrosiadou, 48, who paid herself more than £15.9 million in 2004, started Ikos in 1992 as a trading account. It was one of the first hedge funds in London. She is known as one of the most glamorous members of London’s hedge fund community.