Cleaves Securities has hit out at the actions of Joakim Hannisdahl, accusing the famous Norwegian shipping investor of many breeches of duty, and warning it will now take him to court.
Hannisdahl was ranked the number one shipping equity analyst globally by Bloomberg for a number of years before embarking on a shipping investment fund for Cleaves last year. In 2018 Hannisdahl’s own firm, Gersemi Research, was bought out by Cleaves.
Last month, Splash reported the news that Hannisdahl had parted ways with Cleaves Securities with Hannisdahl citing “irreconcilable differences”.
Hannisdahl announced plans yesterday to establish a long/short shipping hedge fund called Gersemi Asset Management, a brand Hannisdahl registered as a new Norwegian company in July this year.
Hannisdahl’s plans now face legal hurdles with Cleaves Securities pointing out yesterday that his notice period of termination lasts through December 31 and that he is by law prohibited from using confidential client information in marketing and profiling his competing business.
“We are now compelled to follow up his activities towards, amongst others, the courts and the Financial Supervisory Authority of Norway,” a spokesperson for Cleaves Securities told Splash, going on to give the company’s side of events which led to Hannisdahl’s shock departure.
“The case is not, as Hannisdahl claims, about a disagreement regarding the fund’s strategy and operations going forward,” the Cleaves Securities spokesperson stated, explaining: “The background for Hannisdahl’s departure is linked to serious disloyal efforts, inadequate management abilities as well reporting and information processing. Regrettably, we see continued breaches of duties on his part.”
New management has been put in place at Cleaves Asset Management.
Hannisdahl has yet to reply to questions sent by Splash earlier today.