GLG's Coffey Quits Again

Apr 22 2008 | 10:15am ET

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.

RELATED STORIES

GLGer Who Withdrew Resignation May Still Quit
GLG Accounting Change Wipes Out ’06, ’07 Profits


In Depth

Q&A: Rotation Capital's Rothfleisch On SPAC 2.0

Aug 11 2017 | 7:43pm ET

Corporate actions have long been a staple of event-driven investors, but activity...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Star Mountain: Private Lending in the Lower Middle-Market

Aug 14 2017 | 4:45pm ET

Private credit has become one of the most popular alternative asset classes in recent...

 

From the current issue of