Moore Capital Management, the USD20bn New York-based hedge fund manager headed by Louis Bacon, has hired former GLG Partners' star emerging markets manager Greg Coffey as co-chief investment officer of Moore Europe.

Coffey, who famously walked away from as much as UDSD250m in bonuses and share options when he announced his decision to quit GLG last April, finally left the London-based firm last month. He is joining Moore, which has more than 400 employees, with a 12-strong team including Eric Dannheim, who becomes chief operating officer of Moore Europe.

Australian national Coffey managed more than a quarter of GLG'S USD24bn in hedge fund assets when he announced his resignation, although he remained with the firm for six months to manage a transition to new managers of his funds.

He had been widely expected to set up his own hedge fund management firm, but the environment for start-up businesses, even headed by managers with stellar reputations, has deteriorated dramatically since April.

Bacon has been Moore Capital's sole chief investment officer as well as the firm's chairman and chief executive since its establishment in 1990, specialising in macro strategies. He says: 'Greg Coffey is one of the most impressive trading professionals operating anywhere in the world today.

'I have the highest regard for the clarity of his investment thinking and the integrity by which he operates. I have known Greg for a number of years and we have similar views with respect to markets and investment decisions. I am delighted that Greg and his team will be joining our firm.'

Coffey says: 'Louis Bacon is an icon in the hedge fund world and has built an extraordinary investment business. I am delighted to be joining such an internationally respected firm with an esteemed trading heritage. In addition, their operational infrastructure and risk management is second to none and has been tested over a 20-year period.'