GLG Fund Of Funds Founder To Leave

Jan 25 2010 | 8:11am ET

GLG Partners’ fund of hedge funds chief has retired after nine years, the last several of them less-than-successfully.

Paul Harvey, who co-founded the London-based hedge fund’s multimanager business in 2001 after leading prime brokerage sales at Morgan Stanley, will leave at the end of February, the firm said. He has also given up his directorship of GLG’s MMI Enhanced and Diversified funds, the Irish-listed funds he launched in 2004.

Harvey will be succeeded by Luke Ellis, the former Financial Risk Management CEO, who will join GLG in the new post of non-executive chairman. Day-to-day operations of the fund of funds business have been turned over to Neil Hobson and Jonathan Howard.

Both the Enhanced and Diversified funds have suffered through several tough years.

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