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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$4 billion (2022)
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

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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

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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 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.[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

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

See also

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References

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  1. ^ "Hedge Funds - J.P. Morgan Institutional Asset Management". am.jpmorgan.com. Retrieved 2020-04-01.[permanent dead link]
  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. Archived from the original on April 19, 2009. 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". New York Times. No. Business Day. New York, N.Y., United States. The New York Times Company. p. C2. Retrieved 29 August 2019.
  8. ^ a b "Louis Dreyfus and JPMorgan to Sell Energy Trading Venture". New York Times. No. DealBook. 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". New York Times. No. DealBook. 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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