Key Takeaways
- • Wooyoung Hong, a former quantitative researcher at Brevan Howard, has sued former Brevan Howard portfolio manager Robert Sicari in New York State Supreme Court, seeking up to $3.5m in unpaid trading profits and equity compensation, according to Bloomberg.
- • Hong alleges Sicari failed to honour an agreement granting him 50% of profits from certain trades and a 30% ownership stake in ThirtyPark Capital, a fund launched after the pair left Brevan Howard in 2024.
- • The disputed trades were event-driven positions linked to Nippon Steel's acquisition of US Steel, Chevron's takeover of Hess and the Paramount-Skydance merger, with the US Steel positions reportedly returning approximately 80%.
- • Hong claims he received only $20,000 for more than a year of work after Sicari proposed a $400,000 cash payment with a vesting 30% profit share, which Hong rejected before losing access to ThirtyPark's trading systems in January.
- • Sicari told Bloomberg ThirtyPark Capital is no longer operating; he, his lawyer and Brevan Howard, which is not a party to the case, declined to comment.
Summary
Former Brevan Howard portfolio manager Robert Sicari is facing a lawsuit from Wooyoung Hong, a quantitative researcher who previously worked under him at the firm, according to a report by Bloomberg. Hong filed the complaint in New York State Supreme Court, alleging that Sicari failed to honour a compensation agreement at ThirtyPark Capital, a fund the two launched after leaving Brevan Howard in 2024.
According to the complaint, Hong was promised 50% of the profits generated from certain trades and a 30% ownership stake in ThirtyPark in exchange for developing the firm's trading infrastructure and providing quantitative research support. The lawsuit states Hong generated substantial gains through event-driven trades tied to several major corporate transactions, including Nippon Steel's acquisition of US Steel, Chevron's takeover of Hess and the Paramount-Skydance merger. The US Steel trades alone reportedly returned approximately 80%, with Hong claiming entitlement to between $1.2m and $2m from those positions. He estimates his total unpaid compensation for November 2024 to December 2025 could reach $3.5m.
Hong alleges Sicari later sought to renegotiate the agreement, proposing a $400,000 cash payment and a 30% profit share that would vest over time, citing the need to preserve capital at the fledgling fund. After Hong rejected the revised terms, Sicari allegedly revoked his access to ThirtyPark's trading systems in January. Hong says he received just $20,000 for more than a year of work.
At Brevan Howard, Sicari managed a portfolio worth hundreds of millions of dollars. Hong, a Harvard-trained physicist and former Google employee, joined the firm in 2023 on a reported $400,000 base salary.
Sicari told Bloomberg that ThirtyPark Capital is no longer operating but declined to comment further on the allegations. His lawyer also declined to comment, and Brevan Howard, which is not a party to the proceedings, declined to comment. The allegations remain unproven claims in an ongoing case.
According to the complaint, Hong was promised 50% of the profits generated from certain trades and a 30% ownership stake in ThirtyPark in exchange for developing the firm's trading infrastructure and providing quantitative research support. The lawsuit states Hong generated substantial gains through event-driven trades tied to several major corporate transactions, including Nippon Steel's acquisition of US Steel, Chevron's takeover of Hess and the Paramount-Skydance merger. The US Steel trades alone reportedly returned approximately 80%, with Hong claiming entitlement to between $1.2m and $2m from those positions. He estimates his total unpaid compensation for November 2024 to December 2025 could reach $3.5m.
Hong alleges Sicari later sought to renegotiate the agreement, proposing a $400,000 cash payment and a 30% profit share that would vest over time, citing the need to preserve capital at the fledgling fund. After Hong rejected the revised terms, Sicari allegedly revoked his access to ThirtyPark's trading systems in January. Hong says he received just $20,000 for more than a year of work.
At Brevan Howard, Sicari managed a portfolio worth hundreds of millions of dollars. Hong, a Harvard-trained physicist and former Google employee, joined the firm in 2023 on a reported $400,000 base salary.
Sicari told Bloomberg that ThirtyPark Capital is no longer operating but declined to comment further on the allegations. His lawyer also declined to comment, and Brevan Howard, which is not a party to the proceedings, declined to comment. The allegations remain unproven claims in an ongoing case.
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