Water under the Highbridge

11 June 2009 By Richard Beales Follow @richardbeales1

The healthiest big US bank bought 55% of Highbridge in 2004 in time to have enjoyed the boom years. Despite turmoil last year, the bank and the fund firm seem to have built a rare successful partnership. JPMorgan is now buying the rest. So far, so good but it s not over.

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JPMorgan said on June 11 it would complete its purchase of Highbridge Capital, effective July 1.

The US bank initially bought 55% of Highbridge in 2004, and subsequently increased its stake to 77.5%.

Glenn Dubin, who cofounded Highbridge with Henry Swieca in 1992, will remain as chief executive. Swieca will leave later this year to pursue other opportunities.

"Since day one of the partnership between JPMorgan Asset Management and Highbridge, our goal was to create an institutionalized hedge fund business with the ability to deliver strong riskadjusted returns, said Jes Staley, CEO of the bank's asset management business.

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