Finalternatives – One of Brevan Howard Asset Management’s co-founders is suing his old firm, seeking the right to launch a hedge fund of his own before 2017.
Christopher Rokos wants his five-year non-compete clause junked, saying that a bar on managing outside capital for such a long period is an unfair restraint of trade that could lead his skills to “atrophy.” Rokos, the “R” in Brevan, goes on to say that such a non-compete is “contrary to the public interest,” as it means the public will be “deprived” of Rokos’ “skills and hard work for period in excess of five years.”
Brevan Howard wants the Channel Islands court to uphold the non-compete, the Financial Times reports. It acknowledges Rokos’ skills and says that his past access to its investors “constitutes a significant and ongoing threat to the legitimate interests of the partnership,” and seeks damages for breach of duty and misrepresentation.
