Greg Coffey, the star hedge fund manager who gave up about $250m of bonuses and stock options at GLG Partners to pursue an ambition to set up his own fund, has abandoned that goal and join one of the industry's most successful figures.

After leaving GLG last week, Mr Coffey yesterday announced he was joining Louis Bacon's Moore Capital as co-chief investment officer alongside the American who made his fortune taking big bets on macro-economic trends in the 1990s.