GLG boss Noam Gottesman spent most of his time fending off questions by analysts at the hedge fund group's latest results briefing over the sudden resignation of star manager Greg Coffey . Mr Gottesman said in the worst case scenario, he expected about $4bn of the $6bn Mr Coffey managed would leave GLG when he exited in October, adding that he wouldn't be surprised to lose most of Mr Coffey's team also.

Mr Gottesman, who had "spent the last month dealing with the ramifications of Greg's departure", said he "would never have imagined that a few $100m was an insufficient amount to retain somebody".

Asked how much each of GLG's remaining portfolio managers individually controlled, Mr Gottesman acknowledged that in hindsight it was a "risk to the business" for one person to manage as much as Mr Coffey did, but added he did not expect "the risk of another Coffey type event". He was having "very very interesting discussions" with various candidates, adding: "Expect an impressive hire in the distressed space."

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