GLG Names Coffey Successors

Jul 10 2008 | 6:03am ET

Greg Coffey is leaving big shoes to fill at GLG Partners. So big, in fact, that they will be filled by three people.

The London hedge fund completed its succession plan for the star manager, who is set to depart in October to found his own hedge fund, and continued its recent hiring spree with the addition of two Morgan Stanley veterans to take over three of Coffey’s funds, the Financial Times reports. Among the funds that Bart Turtelboom and Karim Abdel-Motaal will jointly run is Coffey’s—and the firm’s—largest, with US$4.6 billion in assets.

Earlier this week, GLG announced its hire of Driss Ben-Brahim from Goldman Sachs to take over a fourth Coffey fund. It has hired more than a dozen investment professionals in recent months.

Turtleboom and Abdel-Motaal co-ran Morgan Stanley’s fixed-income emerging markets team. The two will reportedly refocus Coffey’s funds on emerging markets, rather than the global macro strategy employed by their current manager.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…