Jerry Hall’s former lover a multi-millionaire hedge fund manager is being sued over claims he stole his former company’s clients after falling out with his boss who had just survived a near-fatal riding accident.
He is a womanizer,never married, Mr Attias has been enjoying bachelor lifestyluntil he met Jerry Hall
Friends say it is not uncommon for him to have up to five women on the go at once – although this was not the case with Jerry
Tim Attias quit his last job after sharing in a £17 million bonus.
Now accused of plotting to take over the £1.4 billion company he worked for while its boss was recovering from a near-fatal riding accident and facing demands for the return of his share of the £17 million.
Mr Attias, 46, and a colleague are alleged to have presented Paul Brewer, the co-founder and chairman of Rubicon Fund Management, with an ultimatum to hand them control of the fund.
And when that failed, they conspired to steal the fund’s clients, setting up their own operation to tempt them away. At the same time, major investors pulled hundreds of millions of pounds out of Rubicon.
Mr Attias is one of the brightest stars of hedge funds, with a glittering record at Rubicon and in a previous career as a City bond trader.
He was first thrust into the spotlight when he began dating model Jerry Hall in 2001 in what was described as an “intense fling” with former wife of Mick Jagger, who is 10 years his senior.
The two met on a spiritual enlightenment course which centred on the teachings of Kabbalah, an offshoot of Judaism to which she was devoted at the time.
Mr Attias, who owns several properties including a £5.3 million five-bedroom house in Little Venice, west London, is said to have drawn up advice on how to date several women simultaneously called Tim’s Rules, which included never sitting in the window of a restaurant and always calling her “darling” to avoid mix-ups over names.
Now he is being sued accused by his former employer over claims that he and another senior manager, Santiago Alarco, attempted to stage a take-over of the firm while its chairman and co-founder Paul Brewer recovered from an accident.
Mr Brewer, 55, was off work for 18 months and his wife Penelope, with whom he has three children, told he might not survive after the riding accident in summer 2009.
At the time the fund – founded by Mr Brewer and Joseph Leitch in 1999 – was riding high, through successful investments at the same time as much of the industry was suffering in the economic downturn.
In his absence Mr Attias and Mr Alarco were temporarily promoted to chief investment officers, but after a few months started to “view the business and its clients as their own”, Rubicon claims.
Rubicon allege Mr Attias and Mr Alarco were not interested in Mr Brewer’s recovery and were “only interested in finding out the consequences for their own compensation”.
Court documents allege that when Mr Brewer eventually returned to work, Mr Attias effectively presented him with an ultimatum, threatening to leave if he and Mr Alarco were not given control of the fund.
The two managers offered to buy the business, but when their bid was declined on the grounds that they “could not be trusted”, relations deteriorated further, it is claimed.
Mr Attias is accused of telling investors that the situation within the company had become “unsustainable”, which lawyers say caused a major client to withdraw £69 million – a third of its total investment.
Mr Attias is then said to have had talks with Mr Alarco and Catherine Cripps, a former funds manager at GAM Holdings, Rubicon’s biggest investor, about setting up a rival fund together.
Mr Brewer is said to have searched Mr Attias’s company email account for evidence of the alleged “conspiracy”.
In January 2011, four months after Mr Brewer’s return, Mr Attias decided to resign. Around the same time, GAM took out £187 million more of its investment, which Rubicon says was as a result of the secret discussions. A few months later, Mr Alarco also resigned, by which time GAM had withdrawn its entire investment of £345 million.
Lawyers for Rubicon say that the staggered resignations “were intended to conceal the fact they were linked”.
They accuse Mr Attias, a keen polo player, of “enticing away” Mr Alarco to set up a new fund called SATA Partners with him and Ms Cripps and say the company’s name is made up Mr Alarco and Mr Attias’s initials.
Rubicon is trying to claim back the total of £17 million in bonuses they paid the two before their departure.