Britain's Labour Party to return donation to Algebris CEO following harassment claim - official

  • World
  • Saturday, 10 Jun 2023

FILE PHOTO: Davide Serra, Founder and CEO of Algebris Investments, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermid

LONDON (Reuters) - Britain's opposition Labour Party plans to return 100,000 pounds ($125,830.00) in donations from Algebris Group founder and CEO Davide Serra following a harassment claim, a party official said on Friday.

A London employment tribunal last month awarded a former Algebris employee about 32,000 pounds in a sex harassment claim against the asset management company.

Serra did not immediately return phone calls, messages and email requests for comment.

Algebris declined to comment.

The tribunal found that two comments made by Serra were offensive, Algebris said in a statement on May 26. Those two comments related to the fact that the claimant was a woman and were found to amount to harassment, but no other findings of harassment were upheld, Algebris said.

A lawyer for the claimant was contacted by phone and email and did not immediately respond.

The Times of London earlier reported Labour's decision.

Founded in 2006, Algebris oversaw 19 billion euros ($20.43 billion) at the end of May 2023, the company told Reuters through a spokesperson.

Initially the firm was focused on investing in the stocks and bonds of financial firms and has since expanded into assets including global credit and Italian real estate.

The firm is authorised and regulated by Britain's Financial Conduct Authority, according to its website.

($1 = 0.9303 euro)

(Reporting by Andrew MacAskill and Nell Mackenzie; Writing by Dhara Ranasinghe; Editing by Elisa Martinuzzi and Daniel Wallis)

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