AlphaQuest has asked a New York court to dismiss a lawsuit brought by an investor over the management and liquidation of the quantitative hedge fund, dismissing the case as an attempt by Dutch billionaire Wiet Pot to extract money to which he is not entitled, according to a report by Bloomberg.
The fund, which managed about $2bn before announcing its closure earlier this year, is being sued by Dutch foundation Stichting QSV Beheer alongside founder Nigol Koulajian. QSV alleges that Koulajian lost control over aspects of the fund’s trading operation and breached an agreement governing the repayment of its $45m investment.
AlphaQuest filed its motion to dismiss on Monday, arguing that the terms of QSV’s investment did not provide the preferential treatment the foundation is seeking.
The fund described the litigation as a “tantrum by a billionaire” after Koulajian allegedly refused to meet Pot’s demands.
Lawyers representing QSV reportedly declined to comment on the filing, while Pot reportedly could not be reached for comment.
Pot, who was identified in the foundation’s lawsuit as its investment adviser, is a former Goldman Sachs partner who was involved in European equities trading before later becoming co-chief executive of market-making firm IMC Trading. His wealth was recently estimated by Dutch publication Quote at about €2.6bn.
AlphaQuest announced in February that it would shut down following three consecutive years of losses. The fund lost 15.2% in 2025, leaving it roughly 30% below its October 2022 peak.
The fund’s investment strategy relied on computer-driven models to trade futures across currencies, commodities and equity and fixed-income indexes.
QSV’s lawsuit centres in part on communications between Koulajian and Pot shortly before the closure.
The foundation alleges that Koulajian acknowledged in a 9 February email that a senior member of AlphaQuest’s trading team had been executing trades without his approval. QSV also cited a 15 February email in which Koulajian allegedly told Pot that he had lost control over his own investment decisions.
QSV says Koulajian subsequently indicated that the foundation would receive its investment back after liquidation costs, which he estimated at between $17m and $20m.
The foundation argues that this commitment was consistent with its status as a preferred shareholder and gave it priority in the distribution of assets following a wind-down.
According to the lawsuit, however, AlphaQuest subsequently converted QSV’s preferred equity into common shares and offered to return only $2.7m.
AlphaQuest rejects that interpretation and argues that QSV’s investment agreements provided for automatic conversion of the preferred shares.
The fund also disputes the significance of Koulajian’s emails, arguing that an informal estimate concerning possible distributions during a potential liquidation cannot override the contractual terms governing the investment.
