Titan Asset Management has claimed a victory over discretionary fund manager (DFM) Tavistock in the Court of Appeal, after judges ruled that a counterclaim submitted by Tavistock should not have been allowed.
The two firms are embroiled in a long-running dispute over the early termination of a 10-year strategic investment partnership, which began in 2021. Tavistock abruptly ended the agreement after just three years in 2024 citing "unacceptable performance", a claim Titan has strongly denied.
Tavistock is now seeking £30m in damage and in December, it successfully expanded its claim in the High Court to include breach of confidence, copyright infringement and misuse of trade secrets. But the Court of Appeal has overturned this decision.
Titan said in a statement: "We are pleased that the Court of Appeal has vindicated our position. This counterclaim was always without proper foundation, and we are glad that the court has recognised the importance of requiring properly particularised claims."
Titan and Tavistock have been contacted for comment.
