Leading manager Greg Coffey is moving the headquarters of his firm from London to New York, in a high-profile departure from London’s hedge fund industry.
The Australian, who made his name and fortune working for GLG in the 2000s, returned to the industry with macro launch Kirkoswald Capital Partners earlier this year.
Coffey has told associates the move will allow him to be based nearer New York trading flows. Kirkoswald, which is currently headquartered on Sloane Street in Mayfair, will retain a London presence.
It is not known whether Coffey, who owns properties in several countries, will himself permanently relocate to the US. A spokesman for Coffey declined to comment.
The firm’s relocation is a blow for the UK hedge fund industry and the City of London as it navigates Brexit in the coming months and years.
Kirkoswald’s move will also place the firm nearer US investors, as Coffey targets an initial $2bn fundraise for his new firm.
Coffey specialises in emerging markets and made millions at GLG in the years before the financial crisis, leading to his “Wizard of Oz” moniker. He then moved to Louis Bacon’s Moore Capital, where his returns were lower, before leaving the industry in 2012.
The Financial Times first reported the news on Thursday.
Greg Coffey moves firm from London to New York on EuroHedge.