Simmons & Simmons and offshore firm Ogier have landed lead roles on a dispute between beleaguered hedge fund Absolute Capital (AbCap) and a group of its investors.

Simmons, led by finance litigation partner William Rodger, is advising an action group of AbCap investors who are disillusioned with the AIM-listed company’s proposals for restructuring some of its illiquid funds.

Following the shock departure of the company’s co-founder Florian Homm last month, the company asked investors not to withdraw their money for another year, while it set up ‘side-pocket’ funds into which it would put illiquid holdings.

The action group are also unhappy over AbCap’s restructuring plans. Ogier is advising the company on the matter.