‘Most Impressive Trader’ Hoping Five Years Is Long Enough To Make People Forget Decidedly Unimpressive Returns

Greg Coffey is back!
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Greg Coffey, the former star GLG Partners trader who resigned and then un-resigned and then resigned again to go work for Louis Bacon, who called him “the most impressive trader I’ve ever seen,” before retiring a few years later, is un-retiring.

Crocodile Greg Coffey

Coffey is considering launching a new fund with James Saltissi, people familiar with the matter told Business Insider. The fund could launch as soon as March, some of the people said.

Coffey took his leave of Moore and his 20-year hedge-fund career as investors fled his macro vehicle at Moore amidst some rather un-Coffey-like losses in 2011 and 2012. There was the usual boilerplate about wanting to spend more time with his family and, less usually, wanting to spend more time back in his native Australia. But the real problem, according to Coffey, was that a 9% gain in one month to nearly erase his year-to-date losses didn’t get the blood flowing like it used to.

We don’t know if the pleasures of family life have similarly lost their charm, or if he’s sick of shooing the dingoes off his lawn, or if he’s started trading some highly-volatile imaginary assets whose soaring prices have got him all riled up again. Whatever it is, we welcome the “Wizard of Oz” home.

Greg Coffey, a hedge fund star who retired at 41, is eyeing a comeback [BI]

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Make millions, lose millions, who cares, what's the point of it all? Greg Coffey, co-chief investment officer of Moore Capital Management LLC’s European business, is leaving the hedge-fund industry after a 20-year trading career, according to a letter sent to investors...Assets in Coffey’s macro fund have slumped to about $100 million from as much as $1.6 billion in 2010. The fund had fallen about 10 percent this year through August before rebounding almost 9 percent last month, according to people with knowledge of the matter, who asked not to be named because the information is private. The fund lost 5 percent last year. Coffey realized that after he had recovered most of this year’s losses in one week in September, he wasn’t as excited about his gains as he might have been in the past, two people who know him said. Coffey then decided it was time to end his 20-year career trading, the people said. Moore Capital’s Coffey to Retire From Hedge-Fund Industry [Bloomberg]

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