Hedge fund manager Chris Hohn's marital split may recast UK divorce law
Chris Hohn, one of the most successful UK hedge-fund managers, may recast the country's divorce law if he wins more than half the family assets in his split from his wife.
Chris Hohn, one of the most successful UK hedge-fund managers, may recast the country's divorce law if he wins more than half the family assets in his split from his wife.
A judge may rule as soon as this week in Hohn and Jamie Cooper-Hohn's dispute over their US$1.3 billion estate and roles in the US$4.3 billion charitable foundation they created with their fortune. The case could change the law for the super rich if the judge accepts Hohn's argument that his financial talents constituted a special contribution to the marriage.
"Chris Hohn's track record is without doubt extremely impressive," Deborah Jeff, head of family law at Seddons in London, said in a phone interview. "If this isn't a special contribution, I cannot think of an example that is."
Banker divorces have led to wide-ranging changes in UK family law before. The break-up of German heiress Katrin Radmacher and former JPMorgan Chase investment banker Nicolas Granatino led to the acceptance of pre-nuptial agreements and a case involving another JPMorgan banker set standards for the dissolution of assets in civil partnerships.
Hohn and his wife separated in 2012 after 17 years of marriage. At a trial in July, Hohn sought to give Cooper-Hohn a 25 per cent share of their joint assets, citing his "special contribution", while she was seeking 50 per cent.
If successful, the "special contribution" argument would become a staple of disputes involving wealthy couples, family lawyers said.