A new hedge fund helmed by a trio of Highbridge Capital Management veterans is set to debut later this year with more than $200 million in initial assets.
Investors have been drawn to Pagoda Asset Management’s planned technology, media and telecommunications strategy—the same sectors covered by Adam Bernstein, Mark Hoffman and Glenn Vogelman for a half-dozen years at Highbridge. The former’s portfolio at the JPMorgan Chase-owned hedge fund was the biggest contributor to its profits among long/short equity strategies, Hedge Fund Alert reports.
“The coolest thing about these guys is it’s a lift-out more than a startup,” a source told HFA. “The three of them worked together.” Hoffman was global head of equity trading at Highbridge and Bernstein a portfolio manager. The former will serve as chief operating officer of the new firm, and the latter as chief investment officer. Vogelman will act as sector head.
Pagoda’s maiden fund—which will invest in consumer stocks as well as TMT—is expected in the fourth quarter.