Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and 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
CIO Tapes 2: two warnings and a lot of optimism

CIO Tapes 2: two warnings and a lot of optimism

Our group of leading asset management CIOs see a lot of opportunities – and overseas investors are buying UK too

Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Read More
Your Business: Cover Star Club

Profile: Thomas Miller explains its post-restructure plans

Profile: Thomas Miller explains its post-restructure plans

Thomas Miller Investment’s (TMI) head of wealth Matt Phillips has strong opinions about many things

Wealth Manager on Twitter