US-headquartered alternative asset manager Barings has begun legal proceedings against its former Global Private Finance co-head Ian Fowler over a mass movement of staff to newly founded credit manager Corinthia.
In court documents filed today, Barings alleges that Fowler, Kelsey Tucker (its GPF group’s former global head of operations) and London-based Corinthia Global Management conspired to use Barings’ confidential information to solicit its clients and employees.
It also claims Fowler and Tucker, as well as non-party Adam Wheeler, breached contractual conditions.
Additionally, it claims Corinthia Global Management executive chairman Paul Weightman contacted Roger Crandall, chairman and CEO of Barings’ parent company MassMutual, offering to purchase the firm’s private credit business “for pennies on the dollar”.
A Barings spokesperson said: “In response to recent actions taken by Corinthia Global Management, Ian Fowler and Kelsey Tucker, Barings has today commenced legal proceedings seeking a temporary restraining order and preliminary injunction to prevent them from continuing to target our clients and employees, and stop the ongoing misappropriation of our trade secrets and confidential information.
“This legal action has been taken as a result of the defendants’ blatant disregard of their fiduciary and contractual obligations, which goes against Barings’ codes of conduct and ethics. Barings will not sit idly by and allow the defendants’ misconduct to occur.”
A source at Corinthia told PDI the firm is reviewing the legal documents and its lawyers will respond in due course, adding: “There are a lot of assumptions in there.”
Last week, PDI revealed that more than 20 staff from Barings GPF have left the firm to join Corinthia, an asset manager founded in September 2023 and backed by Japanese investment bank Nomura.
