The founder of one of Europe’s biggest hedge funds has won her latest court battle with her estranged husband after their relationship turned “toxic.”
The High Court ruled that Elena Ambrosiadou’s ex-husband Dr Martin Coward illegally copied software belonging to the fund, IKOS, to set up his own rival business.
The couple became multi-millionaires when they used the complex mathematical computer software to form the heart of IKOS’ £2.4 billion operations to complete financial trades. But after their relationship broke down in 2009 Dr Coward left to set up a rival fund in Monaco using copies of IKOS software.
Ms Ambrosiadou, who still controls Cypriot-based IKOS and was once Britain’s best-paid businesswoman, had long suspected Dr Coward had taken a copy of the software and IKOS accused him of using “cloak-and-dagger” methods.
In a previous High Court case in 2011 it was revealed he downloaded the programmes and stored them on an internet cloud, and also poached IKOS employees to start his new business. But mathematician Dr Coward claimed he was the “architect” of the software.
Neither Dr Coward nor Ms Ambrosiadou were in court today as Mrs Justice Asplin ruled IKOS owned the rights to it. Further hearings will establish how Dr Coward returns it.
