Considered one of the finest traders of his generation by some, dismissed as a 'bull in a bull market' by others, few in the hedge fund industry divide opinion like the ‘Wizard of Oz', writes Harriet Agnew.

Shortly after the London markets closed on Wednesday, October 17, the news of Greg Coffey's retirement flashed up on the computer screens at the hedge fund Moore Capital Management. Coffey's decision - which he explained, in a letter to investors, came from a desire to spend more time with his family and in his native Australia - marked the end of a career that spanned two decades and, for many, epitomised the volatile performance of the hedge fund industry.