A former Highbridge Capital Management portfolio manager has joined a hedge fund founded by other veterans of the hedge fund giant.
Jason Esralew will launch an event-driven fund at New York-based Ionic Capital Management. Ionic, which has $2 billion in assets under management, was founded by former Highbridge managers Bart Baum and Dan Stone, and former Highbridge executive Adam Radosti, in 2006.
Esralew, who brings his four-member team from Highbridge to Ionic, will begin marketing the fund this month. The new vehicle is slated to launch early next year, Hedge Fund Alert reports.
At Highbridge, Esralew managed in excess of $1 billion, losing 2% last year and 7% in 2008 but soaring 32% in 2009. He and his team were laid off in January due to the overlap between his strategy and those of Highbridge's other teams.
Esralew's team at Ionic includes Christopher Chan, David Key and Tim Kelly.