Non-consultant consultants, non-existent former executives, non-departure departures. I give you...GLG Partners. The London-based hedge fund, whose "star" emerging markets fund manager, Greg Coffey, resigned and then took back his resignation and then resigned again all in one week's time, has lost three more employees from its senior asset management team. Following in Coffey's footsteps are Michael O'Connor, who traded Asian debt, equity, and convertible bonds, Udo Herschel, who worked on capital structure arbitrage, and Ben Gill, who was with the company for six years and who was most recently a global macro fund manager. Don't take the mass exodus to mean anything, though, says GLG. The fund assured boutique shop Ladenburg Thalmann, which published a note about the surrealistic laugh factory this morning, that they're really NBD. Sayeth LT:
"...management has informed us that one of these individuals had been dismissed several months ago and one individual was a consultant on the payroll and will remain a consultant, but not on the payroll. The status of the third individual is not clear as he is seeking to address some personal issues. We do not have basis to believe that there is some sort of exodus occurring at GLG."
So, really, everyone should just chill. Also, don't worry about the fact that GLG has delayed its shareholder meeting a month, now rescheduled to take place in early June. There's a logical explanation for that which doesn't have anything to do with the hedge fund going down-- CEO Noam Gottesman, who, of former employee Philippe Jabre, told Bloomberg last year, "As far as I'm concerned, he doesn't exist," needs a few extra weeks to put the finishing touches on a power point presentation called "Former Individuals Under My Employ Who Are Now Dead To Me, Which Belies The Fact That THEY NEVER EXISTED IN THE FIRST PLACE. WHO DIDN'T EXIST IN THE FIRST PLACE? EXACTLY." Sources tell DealBreaker he's also still searching for a sufficiently regal-looking pointer with which to draw the audience's attention to a larger than life projection of O'Connor's head while noting, "Exhibit A," and then, with great flourish, hitting delete.
More Executives Exit GLG Partners [Financial News]