Friday, 19 September 2014
Last updated 54 min 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.