ThirtyPark Capital faces lawsuit over alleged profit-sharing deal
A dispute tied to a hedge fund launch is moving through a New York court after a former Brevan Howard colleague accused Robert Sicari of withholding millions of dollars in trading profits. The complaint says the disagreement stems from an alleged compensation arrangement made after both men left Brevan Howard in 2024 and Sicari began setting up ThirtyPark Capital.
Highlights
- Wooyoung Hong filed a lawsuit in New York on Tuesday alleging ThirtyPark Capital's founder Sicari did not pay promised millions in trading profits.
- Hong and Sicari, both previously at Brevan Howard Asset Management and fired in 2024, became involved after Sicari launched ThirtyPark Capital and recruited Hong.
- The dispute underlines heightened legal and operational risks within hedge fund startups related to ambiguous or disputed profit-sharing agreements.
Complaint outlines fund launch dispute
As reported by Bloomberg, Wooyoung Hong alleges in a complaint filed Tuesday in New York that Sicari failed to hand over millions of dollars in trading profits that Hong says were promised under an agreement tied to the new fund.Hong, who worked under Sicari at Brevan Howard Asset Management as a quantitative researcher, says both men were fired from the firm in 2024. The suit says Sicari later approached Hong about joining ThirtyPark Capital, a fund Sicari was starting to invest his own money.
Implications for hedge fund compensation
The case centers on alleged profit-sharing commitments made during the formation of a new investment vehicle, an area that can become contentious when compensation terms are not carried out as expected.For the hedge fund sector, the dispute highlights the legal and operational risks that can arise when former colleagues move from an established manager to a newly launched firm and later clash over pay arrangements.
Our earlier coverage on executive remuneration in South Africa highlighted how variable pay is rising much faster than fixed salaries at JSE Top 200 companies, with short- and long-term incentives seeing the steepest increases. We also noted new Companies Act rules taking effect from May 2026 that increase transparency through pay-ratio disclosures and add binding shareholder votes that can penalize remuneration-committee members if pay reports are rejected.
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