GLG Partners, London’s second-biggest hedge fund, has limited withdrawals from its flagship emerging markets fund after news that star manager Greg Coffey was leaving prompted a rush for the door by investors. In a letter to investors Tuesday, GLG said the fund had also put hard-to-sell assets into a special parallel fund, amounting to 12.45% of the main $4.6bn fund, and begun to cash in chunks of the portfolio, ready to pay out money in November. However, the withdrawal notices amounted to less than half the $4bn GLG had expected, said people close to the NY-listed hedge fund. Two other funds run by Coffey have not restricted withdrawals. Analysts have assumed the majority of the $6.2bn managed by Coffey will follow him to the new fund he plans to set up after he leaves in October.

This entry was posted by Gwen Robinson on Friday, July 4th, 2008 at 5:16 and is filed under Capital markets, Hedge funds, People. Tagged with glg, Greg Coffey. Edit this entry.