The ex-boyfriend of model Jerry Hall, Tim Attias, is being sued by the Rubicon Fund Management—the hedge fund he used to manage a portfolio at —after leaving to start a new firm, Reuters reported Thursday.
Rubicon, a global macro fund, then filed legal proceedings against Attias as well as former manager Santiago Alarco alleging they both breached their contracts and conspired against Rubicon's Paul Brewer, who was recovering from a horseback riding accident.
"A source with close knowledge of the case told Reuters that problems within the firm had begun to surface after founder Paul Brewer suffered a near-fatal riding accident in summer 2009, keeping him away from work until late 2010."
"'The issue began to develop while Paul was away...By the end of the year, relations between the partners had become very, very strained,' the source said."
Will Attius file a counter-suit? Here's why he might: The fund lost 80% in assets (dropping from $1.65 billion to $288 million) after his departure, and the fund was up 14% in 2010.
Without Attius, the fund is down 1.37% this year. A lot of hedge fund managers are down this year, but this still suggests that Attius might have been the creator of those good returns.
Attias quit the London-based hedge fund in January, while Alarco resigned in March. What's more is Attias and Alarco accepted a total of 17 million pounds in bonuses upon leaving Rubicon.
"Rubicon also claims that it would not have paid almost 6 million pounds to Attias and more than 11 million pounds to Alarco, had it been aware of the plans to set up SATA."
Rubicon is also suing Catherine Cripps, a former investment director with GAM, which invested in Rubicon.
"The case, which centers on a new firm called SATA Partners that Attias and Cripps set up in June, highlights the bitter internal disputes that can arise in a secretive industry dominated by star managers, and the vast sums they are often paid."
"Rubicon claims that the three managers "conspired and combined together to set up a new entity" that would compete with Rubicon, breaching agreements signed by the firm's partners."
But back to his ex-girlfriend, the model Jerry Hall. How did he score the cougar? Here's what we know about Attius:
This story originally appeared on Business Insider
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