Times Online – GLG Partners, the London-based hedge fund reeling from the departure of Greg Coffey, is bracing itself for a mass exodus of as much as $5 billion in investment assets as disillusioned investors follow their star Australian fund manager out of the door.
Noam Gottesman, GLG’s chairman and chief executive, told the fund’s shareholders today that the hedge fund had suffered $1.7 billion of investor redemptions since late April, when Mr Coffey sensationally quit the firm to set up on his own.
Mr Coffey, a highly praised specialist emerging markets investor, managed about $7 billion out of GLG’s total funds under management of $24.6 billion.
His departure, despite the efforts of GLG executives, including Mr Gottesman, was seen as a body blow to the firm. Mr Coffey shunned a cash and shares payout worth about $250 million in order to quit GLG to pursue his own business interests.
