Highbridge Capital Management

History

The firm was founded in 1992, by childhood friends Glenn Dubin and Henry Swieca. The company started with $35 million in capital and is named after the 19th-century aqueduct that connects Washington Heights and the Bronx. In 2004, J.P. Morgan Asset Management purchased 55% ownership of the firm, and then substantially all the remaining shares in 2009.

The company maintains offices in New York and London. The firm operates as a subsidiary of J.P. Morgan Asset Management.

In October 2015, it was reported that JPMorgan Chase was nearing a deal to sell the firm's private equity business.

In 2019 the $2 billion multi-strategy fund was restructured into a credit-focused fund. As part of the change, one of the four lead portfolio managers, Arjun Menon, left the company while Mark Vanacore, Jon Segal and Jason Hempel remained with the fund. Fifty-two people were laid off as it was restructured.

Investments

In 2006 Highbridge invested as a joint venture in Louis Dreyfus Company to increase its access to and control of energy delivery within trading markets. The joint venture was called Louis Dreyfus Highbridge Energy LLC (LDH Energy). In October 2012 Highbridge exited the position as it was announced that Glenn Dubin, Paul Tudor Jones and Timothy Barakett were among a group of investors buying the merchant energy operation Louis Dreyfus Highbridge Energy ("LDH Energy") from Louis Dreyfus and Highbridge. The reason for Louis Dreyfus to sell LDH Energy was it sought to raise capital to expand its agriculture trading business. The new company was named Castleton Commodities International, LLC where Dubin as of 2012 is the lead shareholder.

Following the Highbridge/J.P. Morgan partnership, Highbridge announced in October 2010 the purchase of a majority interest in Gávea Investimentos, a leading alternative-asset management company in Brazil. Gávea was co-founded in 2003 by Chairman and Chief Investment Officer Arminio Fraga, former President of the Central Bank of Brazil.

Assets under management

References

References

1. "Hedge Funds - J.P. Morgan Institutional Asset Management".
2. (2019-07-09). "JPMAM to lay off 52 in restructuring of Highbridge hedge fund".
3. "Firm Overview". Highbridge.
4. (June 11, 2009). "Purchase Of Highbridge Capital Management". J.P. Morgan Chase.
5. "Highbridge Capital Management, LLC: Private Company Information". BusinessWeek.
6. Chung, Juliet, and Emily Glazer, [https://www.wsj.com/articles/j-p-morgan-near-deal-to-sell-majority-of-highbridge-private-equity-business-1445364716 "J.P. Morgan Near Deal to Sell Majority of Highbridge Private Equity Business"] (subscription access), ''Wall Street Journal'', October 20, 2015. Retrieved 2015-10-20.
7. Herbst-Bayliss, Svea. (June 18, 2019). "JPMorgan to convert Highbridge multi-strategy fund into credit fund". Reuters.
8. Abrego, Michelle. (July 3, 2019). "JP Morgan to lay off 52 employees in alts unit". Citywire.
9. (8 January 2007). "Highbridge Hedge Fund Buys Stake in Louis Dreyfus Energy Business". New York Times.
10. (4 October 2012). "Louis Dreyfus and JPMorgan to Sell Energy Trading Venture". New York Times.
11. (3 October 2012). "Louis Dreyfus to sell energy trader". Financial Times.
12. (27 October 2010). "JPMorgan's Highbridge to Buy Gávea of Brazil". New York Times.
13. (26 September 2006). "Amaranth Losses 'Boost for Backed Funds'". Financial Times.
14. (9 March 2008). "Marshall Wace raises €2bn for new fund". Financial Times.
15. (6 February 2011). "Highbridge to Launch Standalone Credit Fund". Financial Times.