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".