Pagel & anr v Farman [2013] EWHC 2210 (Comm)

November 2013 #134

In 2001 Mr Pagel (P) and Mr Farman (F), set up a hedge fund. At first they shared responsibility for marketing and investment equally, but F began to concentrate on investing and P dealt with marketing and client relationships and F began to find the split unfair, so that from 2004 the 50/50 split was renegotiated and F received two thirds of the performance fees, but paid the cost of fixed employee bonuses and shared management fees 50/50 with P. Initially, both partners had to sign confirmations for all withdrawals but from autumn 2006 this only applied to amounts over £5,000. For a nu...