Tuesday, 21 October 2014
Last updated 2 hours ago
Jan 31 2011 | 3:38pm ET
It was a “difficult” decision, Highbridge CEO Glenn Dubin said during an employee conference call last Thursday, but the New York-based hedge fund firm has decided to let go its entire event-driven team led by Jason Erslaw.
Dubin said the decision was “no reflection” on Erslaw or his team, underlining that Erslaw had done an “extraordinary job,” particularly in 2008/20009. He pointed, however, to the significant amount of “overlap” between the work of the event-driven team and that of the hedge fund’s other teams:
“Our view is...that the that the area of event-driven investing—relative-value investing—folds into many of the other areas that we’re engaged in; fundamental investing, whether it be on the long/short teams’ focus on individual stocks...or some of the event-driven investing that has found its way into the convertible book and the capital structured book...[and] the credit opportunities business...”
Dubin said he felt Erslaw and his team were highly capable and would be “much better served as individuals and professionals to be able to develop that capability at organizations, frankly, that don’t have fundamental long/short investing and don’t have credit opportunities capability like we do.” Dealbreaker.com was first to report the news of the layoffs.
Highbridge Capital CTO Jonathan Zhukovsky will also be leaving the company, with CFO Christopher Hayward assuming both roles. Highbridge, founded by Dubin and Henry Swieca, manages an estimated half of JPMorgan’s $50 billion in hedge fund assets.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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