GLG Not Too Concerned About The Threat Of Losing Billions, Due To Secret Weapon

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GLG Partners, the London-based hedge fund that's seen what it would rather you not characterize as an 'exodus' of personnel over the last month, said it "hopes" to retain a modicum of assets from the emerging markets funds run by Greg Coffey, who resigned in April, and then withdrew his resignation, and then reinstated it. At the start of the year the value of Coffey's funds was at about $7.2 billion, before dropping to $6.3 due to investment losses. Noam Gottesman, the co-chief executive of GLG who has been known to say out loud that his former employees cease to exist once they abandon him, commented, surprisingly lucidly and suspiciously calmly that the firm has received $1.7 billion in redemption requests so far, and that the worst case scenario will leave them with about $2 billion. "Obviously," we're sure he wanted to say but didn't, choosing instead to give off an impression of sanity, "it's not going to come to that, once investors get wind of this."

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