Moore Capital has confirmed to WealthBriefing that Greg Coffey, the well-known GLG hedge fund manager, has joined Moore Europe as co-chief investment officer this week.

Mr Coffey, who reportedly gave up approximately $250 million of bonuses and stock options at GLG Partners, announced his intention to leave GLG in April, and was expected to start up his own firm.  Industry commentators have attributed Mr Coffey’s decision to join Moore Europe to the tough conditions now facing hedge funds, amid market turmoil and a rush of redemption demands from clients.

In his new role Mr Coffey remains in the Mayfair office building in which both GLG and Moore Europe have their London bases.  He joins the firm accompanied by a 12-person team from GLG, including Eric Dannheim, who becomes chief operating officer of Moore Europe.

Louis Bacon, chairman and chief executive of Moore Capital, said: “I have known Greg for a number of years and we have similar views with respect to markets and investment decisions.”

Moore Europe Capital Management is a subsidiary of New York-based firm Moore Capital.  The firm employs some 400 people and has $20 billion in assets under management as of 30 September.