IKOS Statement

LIMASSOL, Cyprus--()--IKOS says over the past few days, a number of misleading and inaccurate articles have appeared in the press about IKOS.

IKOS acts lawfully to protect its investors’ interests. After discovering the theft of IKOS confidential information, software and trade secrets, the firm initiated investigations and subsequent civil actions against a number of former employees, including Martin Coward. Criminal investigations are being pursued by the authorities in Cyprus and Monaco.

IKOS has taken all appropriate steps to protect its technology and has obtained injunctions to prevent any unlawful use of its software and databases.

In view of recent misleading press reports, IKOS wishes to clarify the following:

  1. There have been statements in the press regarding the ownership of IKOS. Martin Coward is not an owner of or a shareholder in IKOS.
  2. IKOS owns state of the art proprietary technology that has been continuously developed and improved by its staff since inception.
  3. Over a number of years, Martin Coward and his acolytes conspired to take control of the company and misappropriate its technology.
  4. In 2009, whilst still a director of IKOS, in conflict of interest and in breach of his fiduciary duties, Martin Coward started recruiting internally, working against the company, seeking to undermine investor confidence, and taking active steps to set up a rival hedge fund. IKOS discovered the unauthorised copying of its software by a number of former staff, and used internal company controls, litigation and legitimate investigative efforts to protect its interests and to uncover the full scale of the wrongdoings. These matters are now the subject of litigation in several jurisdictions. They are being investigated by the Cyber Crime Unit of the Cyprus police and the investigating judge in Monaco. Search warrants have been executed, evidence seized and admissions have been secured.
  5. There has been an avalanche of indiscriminate litigation initiated by Martin Coward in multiple jurisdictions since 2009. He seems to litigate regardless of expense or consequence. Most of these claims have been lost, withdrawn, or abandoned. Martin Coward uses the court process to generate damaging publicity to IKOS. IKOS will not tolerate such conduct and injunctions have been obtained to protect the interests of investors.
  6. In August 2010, Martin Coward commenced proceedings in England, purporting to have ownership of IKOS software, only to abandon his claim in May 2011, just two days before IKOS was due to file its defence and counterclaim. This exercise alone will have cost him over 2 million pounds sterling. IKOS is now taking robust legal action to recover any misappropriated software and enforce its rights. Martin Coward and other former staff are prevented by injunctions from using IKOS’ technology in any way.
  7. IKOS has referred the above matters to the NFA and the CySEC. Contrary to reports in the press, Martin Coward does not have regulatory approval for operating a hedge fund and trading investor assets in Monaco.
  8. Any investigations authorised by IKOS were necessary and appropriate to protect its business and its investors.
  9. On a positive note, since December 2009 when Martin Coward left IKOS, the company has prospered increasing its asset base by more than 60%, receiving 5 awards and delivering strong performance for its investors.

About IKOS

IKOS FX Fund was recently awarded the EuroHedge 2010 Fund of the Year Award in the Commodities & Currency category. The IKOS FX Fund previously won the EuroHedge Award in the Managed Futures & Currency category in 2009 and was also ranked 4th out of 100 funds in the annual Bloomberg survey,” The 100 Top-Performing Large Hedge Funds 2010”.

Two of IKOS’ funds won awards at the annual Hedge Funds Review European Performance Awards held in London on May 18th 2011. The IKOS Futures Fund won the HFR award for the best Managed Futures Hedge Fund, while the IKOS FX Fund won in the Best Foreign Exchange Hedge Fund category.

This year, IKOS is celebrating its 20th anniversary. IKOS is a specialist in global quantitative trading of all asset classes using strategies that apply the scientific method to investment management. With over 85 professionals and $2.5 billion in assets under management, IKOS operates a global infrastructure, with execution sites, research facilities and key business affiliations in Cyprus, New York, London, Vienna, Frankfurt and Tokyo. IKOS’ strengths include experienced portfolio managers and researchers with diverse academic and professional backgrounds, strategic planning, and long term investment in proprietary trading and execution systems development, leverage and cross-fertilization of ideas between equities futures, FX and expertise in high-frequency trading and execution algorithms.

IKOS is registered as an Investment Adviser with the U.S. Securities and Exchange Commission, is a National Futures Association member registered with the U.S. Commodity Futures Trading Commission as a Commodity Pool Operator and Commodity Trading Advisor, is authorized and regulated by the Cyprus Securities and Exchange Commission, operates within the European MiFID framework, is a member of the Hedge Fund Standards Board, completed SAS 70 Type 1 certification and is in the process of completing SAS 70 Type 2 certification as well as an Amber Partners certification. IKOS investment products include fund classes listed on the Irish Stock Exchange and offering monthly liquidity with daily performance reporting. The firm has also been advising Managed Accounts for many years, and its strategies are available on leading third-party hedge fund platforms.


Authorised and Regulated by the Cyprus Securities & Exchange Commission (License Number 060/05)

Registered as an Investment Advisor with the US Securities & Exchange Commission

Registered as a Commodity Pool Operator and a Commodity Trading Advisor with the CFTC


Rollo Head, James Leviton, Talia Druker:
+44 207 251 3801



Rollo Head, James Leviton, Talia Druker:
+44 207 251 3801