January 21, 2015 / 4:01 PM / 5 years ago

Brevan Howard, co-founder Rokos end non-compete dispute

LONDON, Jan 21 (Reuters) - Brevan Howard and its co-founder Christopher Rokos have settled one of the most high-profile non-compete legal disputes in the European hedge funds industry, clearing the way for star trader Rokos to launch his own investment fund later this year.

Brevan Howard, one of Europe’s biggest hedge fund firms that managed more than $30 billion last year, will now help Rokos set-up his new business and also take a financial interest in the venture, according to a joint statement on Wednesday.

Rokos, who made about $4 billion for Brevan’s main fund between 2004 and 2012, had filed a lawsuit in a Jersey court in May last year, seeking to overturn an agreement with the firm preventing him from starting his own fund and raising money from investors until 2018.

In a dramatic U-turn after a bitter fight that involved claim and counterclaim by the two parties, billionaire hedge fund manager and co-founder Alan Howard called Rokos “an exceptional trader” in the statement titled “way cleared for 2015 launch of Rokos hedge fund”.

The patch-up comes at a crucial stage for Brevan Howard, which recorded the first ever annual loss in its flagship $24 billion macro hedge fund last year.

The money manager was also forced to shut down two hedge funds last year after poor returns and saw more than $5 billion move out with DW Partners, a credit-focused fund manager that took control of the assets it previously managed in two funds on behalf of Brevan Howard.

Reporting by Nishant Kumar, editing by David Evans

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below