A UK High Court judge has determined that Martin Coward, a former director of hedge fund Ikos, cannot appeal a previous ruling that he has no claim to the quantitative fund’s intellectual property, Ikos said today.

Mrs Justice Asplin of the High Court refused any appeal to her on the grounds that it had "no reasonable prospect of success", according to the statement from Ikos. It was the result of a two-day High Court hearing at the end of last month to decide the financial relief to which Ikos is entitled.