Parting Not Sweet Sorrow For Jabre

Philippe Jabre, who was on leave from London-based GLG Partners while he battled the Financial Services Authority over market abuse and market conduct violations, appears to have left the hedge fund for good. Financial News reports that Jabre, who is appealing a £750,000 (US$1.4 million) FSA-imposed fine (the firm declined to appeal the same-sized penalty), waved au revoir after several weeks of negotiations that have been described as “bitter.” While the terms of the parting have not been disclosed, according to FN, they reportedly require Jabre to relinquish his stake in the hedge fund giant, estimated to be worth at least £160 million (US$294.8 million), as well as a lengthy non-compete clause. That provision shouldn’t matter for a while since, as of April 11, his license to trade securities became inactive, and FN says his best chance of getting another one is by joining another major hedge fund. When the time comes to jump back into the industry, Jabre apparently won’t be short of customers. According to FN, former clients have already been clamoring for his skills.