Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Hedge manager files £1m lawsuit over homophobic bullying claim

Hedge manager files £1m lawsuit over homophobic bullying claim

Hedge fund manager Paul Newton has filed a £1 million lawsuit against his former employer Balyasny Europe over allegations of homophobic bullying and unfair dismissal.

Newton, who is gay, said that colleagues treated him as a ‘curiosity on exhibit’, openly speculated about his sex life, and referred to him as ‘camp’ and ‘effeminate’ according to the Evening Standard.

Employees ‘had the unmistakable assumption that he was extremely promiscuous’ and questioned his right to drive an Aston Martin, he said.

Newton was fired this summer over what the company said was his poor performance and post-Brexit losses. Newton claims this was the culmination of two years of mistreatment, however.

He has since suffered from depression and anxiety, according to documents filed with the employment tribunal.

The working environment at the firm was ‘intimidating, hostile, degrading, humiliating and offensive,’ he said, in legal documents obtained by the newspaper.

In a statement issued to the Telegraph Balyasnay denied the allegations, saying it would ‘resist the claim vigorously’. The company was ‘committed, by policy and ethical commitment, to a work-force free from harassment’ it added.

The case is expected to be heard in March next year.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
1 Comment Play Citywire Scotland: how wealth managers use new tech

Citywire Scotland: how wealth managers use new tech

We caught up with a few wealth managers at our annual event in Gleneagles to find out what technological innovations they are employing across their businesses.

1 Comment Play CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

Do not miss the first two minutes of this film as Richard Buxton shares how he has been challenged by a client for owning shares in a certain company.

Play CEO Tapes: the huge opportunities for asset managers

CEO Tapes: the huge opportunities for asset managers

From tech disruption, retirement and poaching, the CEO discuss the opportunities for their businesses in this episode.

Read More
Wealth Manager on Twitter