GLG could lose up to $4.3bn (£2.2bn) of its total $24.6bn funds under management as a result of the impending departure of star hedge fund manager Greg Coffey, The Telegraph reports.
The London-based hedge fund admitted that it has suffered $1.7bn of redemptions since late April following the surprise resignation of Mr Coffey.
But chairman and chief executive Noam Gottesman said that the final redemption amount is likely to be somewhat higher by the time of Mr Coffey's departure in October.
"Clearly, he managed $6.3bn as at the end of April and I would expect the bulk to remain until October. Once Greg goes I would expect to retain at the very least $2bn of that money and hopefully more," he said.
THE GOVERNMENT IS struggling to find an independent valuer for Northern Rock to determine what, if any, compensation shareholders should receive for their stakes in the nationalised bank, according to The Independent.
Industry sources said that accountants, investment banks and other potential valuers were wary of taking on the job because of the potential legal and reputational risks involved. Independent valuations are highly controversial at the best of times and Northern Rock would be a major headache.
On 17 February, when nationalisation of Northern Rock was announced, the Government said it would appoint an independent valuer of the bank's shares. It made the unusual move to try to thwart litigation from the hedge funds SRM Global, RAB Capital and small shareholder groups.
PUB GROUP ENTERPRISE Inns yesterday said it plans to convert to a tax-efficient property trust. It is expected to trigger similar moves from other pub companies, The Guardian reports.
Shares in Enterprise Inns leapt on the news of its plan to switch to Real Estate Investment Trust (Reit) status, jumping 29% to close at 510p.
Rival pub group Marstons climbed 34.5p to 234p, Punch Taverns 60.5p to 600p and Greene King 55.5p to 590.5p.
By converting to a Reit, Enterprise Inns, which operates about 7,500 tenanted pubs in England and Wales, will wipe out most of its corporation tax bill.IFAonline
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