Just as word of GLG problems emerge, their former star trader who resigned in April with the intention of starting his own fund signed on with GLG neighbor Moore Capital as co-chief investment officer of Moore Europe. And he won't be moving very far from his old firm, which is located in the same building as Moore.
Greg Coffey, the star trader at hedge fund GLG Partners who left the company this weekend, is to join Louis Bacon's Moore Capital Management, the hedge fund giant that shares the same headquarters as GLG.
Mr Coffey, who has been working out his gardening leave at GLG, reportedly walked out from a $250m (£155m) share package when he resigned in April. He will be joining Moore as co-chief investment officer of Moore Europe, alongside Mr Bacon, who made the Sunday Times Rich list with an estimated worth of £750m.
He will join the American hedge fund giant with the 12-person team he worked with at GLG. It includes Eric Dannheim, a senior member of Mr Coffey's team, who will become chief operating officer of Moore Europe.
GLG star trader decamps to rival - in same building - Daily Telegraph
Coffey abandons dream to join Bacon - Financial Times
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