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Highbridge Capital Management

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Highbridge Capital Management, LLC
Company typeSubsidiary
IndustryHedge fund
Founded1992
FoundersGlenn Dubin
Henry Swieca
Headquarters277 Park Avenue
New York, New York, United States
AUM$3.9 billion
OwnerJPMorgan Chase
Number of employees
300
Websitewww.highbridge.com

Highbridge Capital Management, LLC is a multi-strategy alternative investment management firm founded by Glenn Dubin and Henry Swieca in 1992.[1] In 2004, it was purchased by JPMorgan Chase; as of 2019, it had about $3.9 billion in assets under management, out of $150 billion in JPMorgan's global alternatives division.[2]

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.[3][4]

The company maintains offices in New York and London. The firm operates as a subsidiary of J.P. Morgan Asset Management.[5]

In October 2015, it was reported that JPMorgan Chase was nearing a deal to sell the firm's private equity business.[6]

In 2019, 52 people were laid off as it was restructured.

In 2019 the company was restructured "JPMorgan to convert Highbridge multi-strategy fund into credit fund"

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.[7] The joint venture was called Louis Dreyfus Highbridge Energy LLC (LDH Energy).[7] In October 2012 Highbridge excited 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.[8] The reason for Louis Dreyfus to sell LDH Energy was it sought to raise capital to expand its agriculture trading business.[8] The new company was named Castleton Commodities International, LLC where Dubin as of 2012 is the lead shareholder.[9]

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.[10] Gávea was co-founded in 2003 by Chairman and Chief Investment Officer Arminio Fraga, former President of the Central Bank of Brazil.[10]

Assets under management

Year AUM in Bil.
USD$
2006[11] 14
2007[12] 11
2008[12] 4
2011[13] 27

See also

References

  1. ^ "Hedge Funds - J.P. Morgan Institutional Asset Management". am.jpmorgan.com. Retrieved 2020-04-01.
  2. ^ "JPMAM to lay off 52 in restructuring of Highbridge hedge fund". Pensions & Investments. 2019-07-09. Retrieved 2020-04-01.
  3. ^ "Firm Overview". Highbridge. Archived from the original on 2013-10-27. Retrieved 2013-09-09.
  4. ^ "Purchase Of Highbridge Capital Management" (Press release). J.P. Morgan Chase. June 11, 2009. Archived from the original on April 26, 2012. Retrieved 2016-05-22.
  5. ^ "Highbridge Capital Management, LLC: Private Company Information". BusinessWeek. Retrieved 2013-09-09.
  6. ^ Chung, Juliet, and Emily Glazer, "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. ^ a b Sorkinjan, Andrew (8 January 2007). "Highbridge Hedge Fund Buys Stake in Louis Dreyfus Energy Business". No. Business Day. New York, N.Y., United States: New York Times. The New York Times Company. p. C2. Retrieved 29 August 2019.
  8. ^ a b "Louis Dreyfus and JPMorgan to Sell Energy Trading Venture". No. DealBook. New York Times. The New York Times Company. 4 October 2012. Retrieved 29 August 2019.
  9. ^ McCrum, Dan; Blas, Javier (3 October 2012). "Louis Dreyfus to sell energy trader". New York, N.Y., United States: Financial Times. Nikkei. Retrieved 29 August 2019.
  10. ^ a b "JPMorgan's Highbridge to Buy Gávea of Brazil". No. DealBook. New York Times. The New York Times Company. 27 October 2010. Retrieved 29 August 2019.
  11. ^ Wighton, David; Brewster, Deborah (26 September 2006). "Amaranth Losses 'Boost for Backed Funds'". No. US & Canadian Companies. New York, N.Y., United States: Financial Times. Nikkei. Retrieved 30 August 2019.
  12. ^ a b Mackintosh, James (9 March 2008). "Marshall Wace raises €2bn for new fund". No. Financials. London: Financial Times. Nikkei. Retrieved 17 May 2019.
  13. ^ Jones, Sam (6 February 2011). "Highbridge to Launch Standalone Credit Fund". No. Hedge Funds. London: Financial Times. Nikkei. Retrieved 30 August 2019.
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