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. <\/p>\n
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. <\/p>\n
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. <\/p>\n
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.<\/p>\n