Key Man
Michael Edwards, who served as global head of event-driven strategy and later oversaw the U.S. business, alleged in a lawsuit last month that the firm tried to persuade him to delay leaving to avoid investor redemptions, according to court filings. He said a so-called key man departure clause would allow certain large investors to exit, potentially costing the firm tens of millions of dollars in management fees.
Arrowgrass accused him of breaching his agreement with the firm and is seeking to recoup money it says he shouldn’t have been paid. He declined to comment when reached by Bloomberg.
This article was provided by Bloomberg News.