Executives resign from GLG Partners
GLG Partners, the London-based hedge fund manager, has suffered three departures from its senior asset management team. The news comes after its star emerging markets fund manager Greg Coffey resigned last week.
Michael O’Connor, who trades in Asian debt, equity and convertible bonds, is working out his notice period, while asset manager Udo Herschel left the firm this year, according to a source familiar with the situation. Herschel focused on capital structure arbitrage, which involves taking a long or short position in a company’s equity and offsetting it with a position in its debt.
Ben Gill, a global macro fund manager at GLG for six years, according to Bloomberg, has decided to move out of the industry, according to another source.
O’Connor, Herschel and Gill, along with Coffey, are listed as partners of Laurel Heights LLC, a partnership established to distribute profits among GLG’s executives and fund managers. There are only 35 partners in Laurel Heights out of a company of 350 staff.
GLG declined to comment on the departures.
Investors are closely watching the firm after the Coffey’s resignation last week. Coffey manages GLG’s emerging markets funds which account for more than a quarter of its $25bn (€16bn) of assets under management. He will stay for six months at the firm to look after the funds before his departure.
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