To date, details about former GLG Partners and Moore Capital Management trader Greg Coffey’s return to the hedge fund industry have been scarce. We knew he was coming back five years after going home to Australia, that his old buddy James Saltissi—whose post-GLG effort Coffey backed—would be in tow, and that he’d be back in London. Now we also know the what, when, why and how much of the thing:
Mr Coffey, an Australian dubbed “the Wizard of Oz” during his time at GLG Partners and Louis Bacon’s Moore Capital, is planning to open an emerging market-focused fund in London called Kirkoswald within the next six months, according to people briefed on his plans. Mr Coffey, who has decided to cap the size of the fund at $2bn but had commitments from investors of about $3.5bn….
Oh, but friends, Greg Coffey wasn’t just scouring the Ordinance Survey for a British placename that hadn’t been taken (we’re not sure if the new firm refers to the Kirkoswald in Cumberland or the one in Scotland, but whatever) and convincing way too many people to promise way too much of their money to a guy whose best days were the better part of a decade ago. No, Greg Coffey has global, Bill Ackman-esque ambitions for Kirkoswald.
Street Talk understands that as well as hanging out its shingle in London and New York, the group so far identified as Kirkoswald Capital Partners will be opening a Sydney office, staying close to Coffey's roots. And that's not all.
There is a listed investment company in the works, but it is unclear where it will be domiciled or how big.