The head of Highbridge’s Asia unit is leaving to launch his own firm, the WSJ reports.Highbridge began winding down the Asia equities portfolio managed by Carl Huttenlocher late last week, after he told the New York office he was out.
The departure is reportedly a huge surprise to his colleagues, and the hedge fund’s founder and CEO Glenn Dubin, and COO Todd Builione, have flown to Hong Kong to meet with staff as the firm disposes of its assets.
Yesterday Dealbreaker reported that Huttenlocher was departing JP Morgan’s asset manager, but there was no word on what his future plans were.
But he’s reportedly told co-workers he’s launching his own fund. He’s forbidden from taking any of his former employees with him.
The shuttering of the Asia Opportunities Fund “represents the closure of one of Asia’s largest hedge funds,” the WSJ says.
Huttenlocher joined Highbridge in 2002 and is a member of the investment committee. Before Highbridge, he was with the failed Long-Term Capital Management, and also worked for Citadel.
As a result of his departure:
- Highbridge has sold about $1.4 billion in holdings over the past few days.
- Alec McAree and Mark Vanacore, veteran Highbridge managers based in New York, will take on extra responsibilities managing the Hong Kong office’s equities and convertible investments.
- The 24 employees that Huttenlocher oversaw will stay to manage about $300 million…”in the near term.”