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Monday Sep 8 2008
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Star fund manager to quit GLG
Greg Coffey, the star emerging markets fund manager at GLG Partners, will forfeit about $250m-worth of shares in order to leave the UK-based, New York-listed hedge fund and start his own fund. Coffey will stay until October under a hastily worked out plan following his unexpected resignation, a move which prompted GLG shares to plummet. The loss of Coffey, an Australian who runs $7bn of GLG’s $25bn funds under management, is a serious blow to GLG as many of the investors in his funds are likely to leave with him.
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