When star trader Greg Coffey announced this spring that he was leaving GLG Partners, it was widely expected that the Australian would found his own hedge fund. Instead, Coffey is joining forces with another hedge fund prodigy.
Just a week after leaving GLG, Coffey has joined Louis Bacon’s $20 billion Moore Capital Management. He will serve as co-chief investment officer, alongside Bacon, of Moore Europe Capital Management, bringing along a 12-person team from GLG. Eric Dannheim, a member of that team, has been named chief operating office of Moore Europe.
Coffey said the current market turmoil, which has made it difficult for new hedge funds to get off the ground, did not scare him away from the venture. Rather, he says, he decided working with Bacon was the better option, despite a variety of investors and banks interested in getting in on the ground floor with a Coffey hedge fund.
“There were always two options, either to set up my own firm or join another hedge fund,” Coffey said. Bacon called Coffey “one of the most impressive trading professionals operating anywhere in the world.”
The move may make for some interesting elevator conversation: Moore and GLG both have offices at 1 Curzon Street in London.