A week after resigning, and quickly withdrawing that resignation, GLG Partners’ top hedge fund manager has again resigned.
GLG announced today that Greg Coffey, who managed about $7 billion of the London-based firm’s $24 billion in five funds, and who generated some 60% of its performance fees last year, will leave in October. Coffey is expected to set up his own hedge fund shop.
Coffey will continue to manage the funds until his departure and will assist in the succession process, GLG said in a statement. In leaving, he forfeits all of his unvested shares and unvested cash awarded to him under GLG’s equity participation and long-term incentive plan.
In a regulatory filing last week, newly-public GLG said it was “in discussions concerning a range of options for the future” in the wake of Coffey’s resignation and un-resignation.
GLGer Who Withdrew Resignation May Still Quit
GLG Accounting Change Wipes Out ’06, ’07 Profits