Moore loses its first star since Coffey exit
Tuesday 15 January 2013
Moore Capital Management, one of the world's most famous hedge funds, has suffered its first key London departure since the retirement of star financier Greg Coffey last year.
Soraya Chabarek, a respected marketing and relationship manager at the company, left her role last week, according to filings at Companies House.
The Anglo-Syrian, who is said to have a priceless book of Middle Eastern contacts, was an important part of Mr Coffey's London-based team, having followed him to Moore Capital from rival GLG Partners in 2008.
Ms Chabarek, who became a partner at Moore Capital's European arm last year, could not be reached for comment. The company declined to comment.
However, industry sources described her departure as "inevitable" due to her close working relationship with Mr Coffey, who wrong-footed the hedge-fund industry in October when he retired at the age of just 41.
Mr Coffey, an Australian known as the Wizard of Oz to his legion of admirers, made his name at GLG, where he turned down a $250m (£155m) "golden handcuffs" deal to stay with the company in 2008.
At the time, it was widely assumed that he was planning to set up his own hedge fund. Instead, a chance meeting with the hedge-fund legend, Louis Bacon, who founded Moore Capital in 1989, led to his appointment at the company. Mr Coffey was one of the industry's most colourful characters and has a personal fortune of about £450m.
He owns properties across the world including the Ardfin Estate in Scotland – 12,000 acres on the island of Jura that is said to be good for hunting red deer.
The impact of his departure from Moore Capital, as well as key members of his team like Ms Chabarek, will be closely watched over the next few months after his exit from GLG led to a notable drop in assets at the company as loyal clients followed him to his new place of work.
At Moore Capital, Mr Coffey ran the Moore Emerging Markets fund.
He is said to have generated annualised returns of 22 per cent a year since 2004, although his performance was said to have dipped towards the end of his time at the company.
Acoording to reports, Mr Coffey once oversaw a portfolio worth several billions of dollars at Moore, although investor outflows saw these funds diminish to just "a few hundred million".
Rumours also circulated that he had fallen out with Mr Bacon, who once described him as "one of the most impressive traders in the world".
According to those who are close to him, Mr Coffey now intends to spend more time with his wife Ania, who is a former financial analyst, and their children.
New UK station Russia Today gives a very bizarre view of Britain
By performing as African Americans or Indians, white people get to play act a kind of 'imaginary liberation', writes Michael Mark Cohen
Top Gear presenter is no stranger to foot-in-mouth controversy
New essay by JK Rowling went live on Pottermore site this morning
Review: Mike Leigh's biopic is a rambling, rich character study
- 1 'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
- 2 Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
- 3 Topshop at centre of row over body image as 'shocking' skinny mannequin photo goes viral
- 4 If you think Russell Brand’s new book is confused, you should read what his critics have to say about it
- 5 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
Halloween 2014: From the Screaming Man of Pluckley to the 'White Lady' of the Tower of London - Britain's 20 most haunted places
Russian politician says Apple CEO Tim Cook should be 'banned' from country after coming out as gay
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
iJobs Money & Business
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...