Tuesday, 23 September 2014
Last updated 3 hours ago
May 9 2008 | 12:31pm ET
Investors aren’t the only ones heading for the doors at GLG Partners.
The London-based, New York-listed hedge fund manager is losing its top Middle East marketer, Soraya Chabarek, after losing its top hedge fund manager, Greg Coffey, and three others last month, and GLG is bracing for further exits.
Chabarek, who is responsible for bringing in as much a 7% of GLG’s assets, submitted her resignation this week. The Syrian-born marketer’s plans are unclear.
At least some of Coffey’s dozen-strong team have already left GLG as well, and the firm believes that all might leave, The Wall Street Journal reports.
The firm is not letting go of its investors so easily. While GLG will waive both redemption penalties and redemption gate provisions after Coffey’s October departure, it plans to exact the redemption fee—of as much as 5%, depending on how long investors have been in Coffey’s emerging markets fund, and how much they have invested—from bolting clients until then.
Of course, investors might not be trying to beat Coffey out the door: His track record notwithstanding, the fund is down more than 19% year-to-date. The Times of London reports that GLG expects as much as £4.3 billion (US$8.4 billion) in redemptions in the wake of Coffey’s exit.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.