A founder partner of hedge fund Brevan Howard is seeking to a court order to overturn a non-compete clause preventing him from launching a rival strategy, the Financial Times has reported.
Jersey court documents reportedly seen by the FT show that Christopher Rokos, who stepped down from the $37 billion group in 2012, is challenging the terms of the five-year order.
The filing argues that Rokos’ ability as a ‘star trader’ would ‘atrophy’ if he complied with the unusually-long time frame stipulated by the contact. Non-compete clauses more typically specific 12-18 month terms, at most.
Brevan Howard argued that his attempt to launch a rival fund ‘constitutes a significant and ongoing threat to the legitimate interests of the partnership.’
The case is expected to be heard in November this year.