Wednesday, 1 April 2015
Last updated 25 min ago
Oct 27 2008 | 9:48am ET
Highbridge Capital Management is cutting 10% of its staff in New York, with further cuts planned for Europe and Asia.
The $25 billion hedge fund, which is majority owned by JPMorgan Chase, is restructuring to cope with the turbulence suffered by the hedge fund industry, The Telegraph reports. Its funds have lost between 6% and 13% this year, according to the newspaper.
However, the firm denied the paper's reports stating that "there are absolutely no fund closures, no radical restructuring and no planned reduction in headcount in Europe and Asia."
Alongside the job cuts, Highbridge is also making a few key hires as it plans its first-ever dedicated European stock fund to capitalize on the market collapse on the continent.
The firm has appointed Munib Islam, former senior fund manager at New York-based activist shop Third Point, as head of the new European operation. He is joined by Michael Alsalem, who joins Highbridge from Kingdon Capital Management.
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