GLG Recruits Goldman Partner for Emerging Markets

eFC logo

A pair of moves has London's second largest hedge fund replacing a top manager and Goldman Sachs losing another trader to run his own fund.

In the first, The Wall Street Journal reports GLG Partners has tapped Goldman Partner Driss Ben-Brahim to replace Greg Coffey, its chief emerging markets manager, who will leave in October.

Ben-Brahim will lead the $1.2 billion emerging markets special situations fund now run by Coffey and develop a global macro business targeting opportunities in both markets and sovereign wealth funds.

Coffey plans to launch his own hedge fund after managing nearly a third of GLG's assets and generating some 60 percent of its performance fees last year, notes the Journal.

Since learning of Coffey's intentions, GLG has added 16 investment professionals. By reeling in a high profile manager like Ben-Brahim, who led Goldman's emerging markets trading business, the fund is in a better position to stave off major asset outlows when Coffey leaves.

For its part, Goldman has rolled-out several in-house hedge funds to hold onto its top managers. Earlier this year it launched GS Investment Partners, a $7 billion fund, headed by Ranaan Agus and Kenneth Eberts. GLG is New York-listed and managed $24 billion as of March, the Journal says.

Popular job sectors

Loading...

Search jobs

Search articles

Close
Loading...
Loading...