Summary
LONDON (HedgeWorld.com) - After a week of tense negotiations GLG Partners Inc. and star trader Greg Coffey have agreed, according to both camps, to an amicable parting of the ways, but not until October.
The compromise will help Mr. Coffey and GLG, Europe's second- biggest hedge fund operator, reassure investors that the four hedge funds run by Mr. Coffey, with assets of $7 billion, will continue to get his full attention. The funds - including the flagship $4 billion GLG Emerging Markets Fund, which gained 50% in 2007 - earned a majority of the firm's performance fees last year.See the full content of this document
Extract
Coffey Resigns From Glg
The decision to leave GLG, which has assets of $24 billion, is expected to cost Mr. Coffey around $250 million in forfeits of unvested shares and unvested cash. It is estima...
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