Manager loss could cost hedge fund £2bn - papers 8 May

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 Northe...