JP Morgan Chase is to buy a majority stake in Highbridge Capital Management, a hedge fund. The goal is to enlarge the presence of JP Morgan Fleming Asset & Wealth Management in the hedge fund sector. The terms of the Highbridge transaction are not being disclosed.
Highbridge, which will operate as a separate entity managed by its founders, Glenn Dubin and Henry Swieca, manages $7 billion in assets from offices in London, Hong Kong and New York, where it is based. It offers long/short equity, convertible arbitrage, event-driven equity arbitrage, statistical arbitrage, structured private investments, and European special situations strategies.
J.P. Morgan Fleming has $3 billion invested in its own hedge funds and a fund of funds that invests in other strategies.