Greg Coffey, the GLG Partners hedge fund manager who resigned on Monday only to un-resign yesterday, may yet leave the firm.

Coffey, who runs five funds with US$7 billion in assets at the London hedge fund shop, plans to start his own hedge fund, Bloomberg News reports. The Australian joined GLG five years ago.

According to a filing with the U.S. Securities and Exchange Commission, GLG and Coffey are “in discussions concerning a range of options for the future” in the wake of his decision to withdraw his resignation.

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