Soraya Chabarek, who oversees marketing in the Middle East for London-based GLG, handed in her resignation a few days ago, according to people familiar with the matter. The Middle East is responsible for about 20% of the firm's fund inflows and is an area where GLG hopes to grow.
As hedge funds grow and become more like the banking institutions their founders often fled to start their businesses, they are grappling with similar issues, such as retaining talent. GLG, founded in 1995 and run by Noam Gottesman and Emmanuel Roman, says it has about 350 employees and $24.6 billion in assets under management.
Holding on to key personnel is harder for hedge funds in general as they struggle with poor performance amid the market turmoil and therefore have a smaller pot of performance-related fees to go around. Declines in the publicly traded shares of many hedge funds add to the problem because the shares, a currency to help attract and retain talent, become less valuable.
GLG last month disclosed that Mr. Coffey, who manages four funds including the $5 billion Emerging Markets Fund, had resigned, although he will stay until October. GLG executives say they could lose as much as $4 billion in assets with Mr. Coffey, who plans to start his own fund. GLG says it could close down the Emerging Markets Fund, which was down 19% through April, but that it wants to continue to offer a similar strategy.
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