GLG, the London-based New York-listed hedge fund, with more than $20bn under management, has lost another of its star traders.

Robert Donald, a trader who dealt with European Industrials and basic resources at the firm’s £1bn European Long/Short fund, was reputed to be considering a move to Soros Fund Management,  according to yesterday’s Sunday Times, which said the situation was “still live”.

GLG has today confirmed the move. Donald leaves in the autumn.

Javier Velasquez is understood to be taking over management of Donald’s European industrial investment portfolio and Carl Esprey (formerly at BHP Billiton) and Tim Medland (manager of GLG’s global mining fund) will take over the basic resources portfolio.

Inevitably, comparisons to the high-profile departure of Greg Coffey from GLG to Moore Capital in November last year are being made. Donald’s departure though, is unlikely to have a similar impact as Coffey’s, on news of which the firm’s New York share price dipped 15 per cent.

The move comes as Soros ramps up efforts to establish a bigger presence in London.

This entry was posted by Sam Jones on Monday, August 3rd, 2009 at 14:17 and is filed under Capital markets, Commodities, Hedge funds, People. Tagged with Carl Esprey, glg, Greg Coffey, Javier Velasquez, moore capital, Robert Donald, Soros Fund Management, Tim Medland. Edit this entry.