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GLG investors drain $1.3bn from Coffey funds

GLG Partners posted a $6.4bn (€4.9bn) drop in assets under management during the third quarter in part due to investment losses and redemptions from hedge funds run by star manager Greg Coffey, who left the firm last week. The $1.3bn withdrawn from Coffey’s funds over the period was still far less than the amount predicted by GLG chairman Noam Gottesman.

The hedge fund manager revealed in its third quarter results today that it ran $17.3bn on September 30, about 27% less than the $23.7bn it started the quarter with. It was 15.6% less than the $20.5bn it managed on September 30 last year.

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