Saturday, 6 February 2016
Last updated 1 day ago
Oct 17 2012 | 3:27pm ET
The 'Wizard of Oz' is calling it a day after 20 years in the hedge fund industry.
Greg Coffey, the co-CIO of Moore Capital Management's European business, will return client capital from his GC Emerging Macro Fund as of November 30, according to a letter to clients seen by Bloomberg News. He plans to return to his Australia to spend more time with his “growing family,” the demands of which have made him “unable to commit to the market with the same intensity going forward,” he wrote.
The Australian earned the nickname 'The Wizard of Oz' from the London press when the GLG fund he managed surged 60% in 2006 and 51% in 2007. Coffey and his 12-person team left GLG Partners for Moore.
Since then, his macro fund has produced less-spectacular annualized returns of 4.5%. Assets in that fund have slumped to about $100 million from as much as $1.6 billion in 2010. The fund had fallen about 10% through August this year, although it bounced back an impressive 9% last month, according to “people with knowledge of the matter.”
That bounce, however, apparently failed to thrill Coffey as much as it might have in the past, two people who know the trader told Bloomberg, leading to his decision to end his career.
“Greg Coffey has been a significant contributor to Moore’s European business, and we are disappointed that he is choosing to retire from the industry,” Moore Capital founder Louis Moore Bacon, said in an e-mailed statement today. “We wish him well in all future endeavors.”
London’s Sunday Times listed Coffey as the 11th wealthiest hedge fund manager in the UK in April with an estimated net worth of $420 million.