Highbridge Asia Chief Out, To Launch Own Hedge Fund

Mar 1 2011 | 12:48pm ET

Highbridge Capital Management has pulled the plug on its $1.4 billion Asia Opportunities Fund as manager Carl Huttenlocher prepares to leave the firm.

Huttenlocher plans to launch his own hedge fund after his exit from Highbridge. His departure, first reported by Dealbreaker.com, comes after two years in which he helped raise several hundred million dollars for Highbridge.

Highbridge has been racing to sell off most of Huttenlocher's portfolio, which stood at about $2 billion including some $550 million managed for the firm's flagship fund, since late last week when he informed his bosses of his plan to quit. Already, $1.4 billion of holdings have been sold, according to published reports.

The hedge fund will not completely shutter its Hong Kong operations. CEO Glenn Dubin and chief operating officer Todd Builione are in the city-state to assuage the fears of worried employees and to explain the firm's plans for Asia. According to The Wall Street Journal, the Asia team will now be led by two New York-based managers, Alec McAree and Mark Vanacore, and will manage about $300 million for the time being.

Highbridge investors were to be informed of Huttenlocher's decision and the liquidation of the Asia fund today.

Huttenlocher, who worked at Long-Term Capital Management and Citadel Investment Group before joining Highbridge, is barred from poaching any of his soon-to-be-former team members from the hedge fund, the Journal reports. Most if not all of that group will remain in place, Highbridge plans to tell clients, and may receive further allocations from the firm if circumstances warrant it.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.