If anyone had a right to feel slightly aggrieved by former star hedge fund manager Greg Coffey’s much-ballyhooed return to the biz after five years on the shelf, it would be Louis Bacon. After all, the Moore Capital Management chief had lured “the most impressive trader I’ve ever seen” from his post-GLG Partners plan to launch his own hedge fund, only to see Coffey do some seriously unimpressive trading in 2011 and ’12 before getting bored and returning to Australia to wrestle prehistoric animals or whatever. But Bacon is apparently a forgiving man, and unlike his investors—who yanked all but $100 million from Coffey’s once-$1.6 billion fund at Moore before the Wizard of Oz quit—still thinks Coffey’s pretty good at this hedge-fund thing.
Mr Bacon is investing in Mr Coffey’s Kirkoswald Capital, which is due to launch later this year with more than $2bn in money from investors…. A spokesman for Mr Bacon declined to comment on the amount he is investing with Mr Coffey….
The investment is a vote of confidence for Mr Coffey, who left the industry in 2012 at the age of 41. When Mr Coffey first joined Moore, Mr Bacon praised him as “one of the most impressive traders in the world”.