GLG Loses Another Exec., Braces For Redemptions

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.


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