Highbridge Beefs Up Credit Team With Hire, New Fund Launch

Feb 7 2011 | 1:03pm ET

Highbridge Capital Management is trading its event-driven business for a more robust credit business.

The JPMorgan Chase hedge fund unit has hired a Sandell Asset Management veterans and is planning a new credit hedge fund, the Financial Times reports. The news comes about a week after Highbridge pulled the plug on its event-driven group, laying off the entire team.

With Sandell's Serge Adam on board, Highbridge is preparing to launch a standalone version of its credit opportunities strategy, currently available only as part of the firm's flagship hedge fund. Highbridge hopes to raise up to $2 billion for the new fund over the next few months; the strategy currently manages $750 million.

Adam will be responsible for Highbridge's public credit platform, and is expected to be more active in credit trading than Highbridge's current funds.

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