With investors running for the doors in advance of its top hedge fund manager’s departure, GLG Partners has agreed not to penalize clients who want to withdraw their money after Greg Coffey leaves.

The British-based, New York-listed firm has told investors that it will waive both the penalties and redemption gate provisions for its emerging market fund on its Nov.3 redemption date, Financial News reports. Coffey, who is leaving the firm to found his own hedge fund, is leaving GLG in October.

Roughly half of the more than US$7 billion in assets managed by Coffey in four of GLG’s funds are expected to evaporate when he leaves. GLG has reportedly received US$2.5 billion in redemption requests from the US$5 billion emerging markets fund, with total redemptions from the fund expected to top US$3.5 billion, according to FN.

GLG boasted US$24.5 billion in assets under management at the end of last year.