Star hedge fund manager opts for London over Switzerland
Greg Coffey is understood to be staying in London to set up a separate hedge fund firm after leaving his current employer GLG Partners in October.
There had been uncertainty about whether Coffey, who is managing four of GLG Partners’ portfolios including the GLG Emerging Markets Fund, would join a competitor to GLG, and whether he would remain in London.
Phillipe Jabre, who also left GLG, in 2006, moved to Switzerland to establish hedge fund management firm Jabre Capital Partners, which has since raised more than $5bn.
Coffey resigned from the $24bn London hedge fund manager in April, then rescinded this, before again tendering his resignation the next day. It is believed Coffey owns about 6% of the equity of GLG Partners, and sources close to the situation said that funds he manages contributed about half of GLG’s total $679m performance fees in 2007.
Coffey made 68.58% on money he managed at GLG between the start of 2004 and the end of 2007, according to investors in GLG’s portfolios.
News of Coffey staying in London came as GLG Partners board chairman Noam Gottesman prepares to announce the firm’s second quarter results on Wednesday, the last while Coffey is still with the company.
A practitioner in the hedge fund industry said the recruiting GLG had done since Coffey handed in his resignation showed its resilience. GLG hired Jamil Baz as executive chief investment strategist from fixed income manager Pimco, Bart Turtleboom and Karim Abdel-Motaal to replace Coffey from investment bank Morgan Stanley, and Driss Ben-Brahim from investment bank Goldman Sachs.
No further details on Coffey’s plans were available. GLG Partners declined to comment.
--write to dwalker@efinancialnews.com
del.icio.us
Digg
Newsvine
reddit
StumbleUpon
