Ayesha Vardag commented on the divorce proceedings faced by finance tycoon Pierre Lagrange. The fund manager, whose marriage disintegrated after he came out as a homosexual, is thought to have sold his house on “billionaire’s row” to fund his divorce settlement.
Explaining the rationale behind such settlements, Ayesha told the paper “There is a general concern that awards are too high and that the principle that has been in place since 2000 – of generally sharing equally no matter who earned it – is being somewhat stretched in the light of the huge awards that are coming through. The courts have said that these awards are bigger than anyone expected they would be. It would invite a re-evaluation of the straight forward 50/50 approach to marital assets."
Mr Lagrange made his fortune through the GLG fund, which enjoyed successes including short-selling Bradford and Bingley shares as the bank faltered at the height of the financial crises. His marriage collapsed after he came out as a homosexual.