Tuesday, 26 July 2016
Last updated 2 hours ago
Jul 7 2008 | 8:00am ET
Facing the upcoming departure of their star emerging markets manager, GLG Partners has replaced him with somebody else’s.
The $24.6 billion London hedge fund has snagged Goldman Sachs partner Driss Ben-Brahim to lead and expand its special-situations business, the Wall Street Journal reports. Coffey, who manages almost one-third of GLG’s assets and who generated some 60% of its performance fees last year, is leaving the firm in October. He is expected to start his own hedge fund.
Ben-Brahim will replace him, in part. The 12-year Goldman veteran will run Coffey’s $1.2 billion emerging markets special situations funds, as part of a new senior post overseeing macrotrading. Ben-Brahim, who the Journal reports remains close to GLG co-CEO Emmanuel Roman, a former Goldman executive, has run Goldman’s emerging markets trading for two years. He is expected to join
GLG has made a spate of hires in the months since Coffey announced his departure, including 16 investment professionals. The firm has also been more or less spared the huge outflow of funds it expected, with less than $2 billion in redemptions from Coffey’s largest fund.