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WEDNESDAY APRIL 16
Memo To GLG: Mind The ‘GAAP’ London’s second-biggest hedge fund manager GLG is grappling in the wake of a non-cash accounting error that nonetheless resulted in its changing last year’s $93 million net income to a $311 million loss. (“Noncash,” as we understand it, being a term that’s supposed to make everyone feel better about losing big.) And it looks like at least one star trader over there is none too happy about it. Greg Coffey, a native Australian who runs five of the firm’s funds and is estimated to have generated more than half of its performance fees last year tendered his resignation this week. But then he withdrew it. Just another indecisive trader? Or is he an ace at humbly changing his positions? April 2008New User?Sign up to get free access to TraderDaily.com
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