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Ikos’s Ambrosiadou Denies Being Wealthy Yacht Owner at Trial

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March 12 (Bloomberg) -- Elena Ambrosiadou, the co-founder of hedge fund Ikos Asset Management Ltd. involved in a dispute with her estranged husband over its trading software, rejected reports that she is one of Britain’s wealthiest women as she gave evidence in the trial.

“I didn’t have any personal wealth” in 2006 and still don’t, the 55-year-old told a London court. Press reports about her riches, including claims she owns the largest sailing yacht in the world, are wrong and “very unfortunate,” she said. “I’m not the owner of the Maltese Falcon,” she said, although she is part of the team that looks after the vessel.

Martin Coward sued his wife’s company over who owns the copyright for Ikos’s trading technology. Ikos, which manages about $1.36 billion in assets, filed a counterclaim accusing Coward of stealing its software. It is one of more than 40 lawsuits pitting the couple against each other in at least four countries.

Richard Hillgrove, Coward’s spokesman, and Phil Hall, Ambrosiadou’s spokesman, declined to comment.

Their marriage turned “toxic,” Coward’s lawyer Michael Bloch said at the start of the trial last week, arguing that his client, not Ambrosiadou, was the architect of the firm’s success.

Ambrosiadou, who was born in Greece and educated in England, said today she was responsible for Ikos’s business while Coward was part of a trading team and “delivered what the rest of the people engaged in that work were doing.”

“I was looking after the entirety of the operation,” she told the court. Ambrosiadou said her business assets were held in a family trust, and that she also co-owned a house in Steyning, England, with Coward.

The case is: Martin John Coward v Phaestos Limited & Ors., U.K. High Court of Justice, Chancery Division, case no. HC10C02788

To contact the reporter on this story: Kit Chellel in London at cchellel@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

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