Top manager to depart GLG

Greg Coffey, a portfolio manager with GLG Partners LP, who oversees $7 billion in assets, is stepping down from the hedge fund company. He manages four funds: the GLG Emerging Currency and Fixed Income Fund, the GLG Emerging Equity Fund, the GLG Emerging Markets Fund and the GLG Emerging Markets Special Situations Fund. Mr. Coffey will remain with London-based GLG until October. “The best interests of our fund investors has been and will continue to be the primary concern of both GLG and Greg throughout this process,” the company said in a statement. Last week, executives at the publicly traded hedge fund said that they will restate its earnings because of problems with how it accounted for distributions to limited partners, The Wall Street Journal reported. GLG, which listed shares on the New York Stock Exchange in October, has seen its shares fall by about 15% in the past week. The hedge fund had $24 billion in assets under management as of Dec. 31.