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Layoffs Watch: Highbridge Capital Dumps Entire Event-Driven Team

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The staff was informed of the (involuntary) departures Thursday afternoon.

On an employee conference call, Highbridge CEO Glenn Dubin said it had been "a difficult couple of weeks for myself and other senior members of the team to make some of the changes that have been announced recently." Dubin said that the discussion with the event-driven team, headed by Jason Erslaw, was "particularly difficult," given "how "productive they've been" (with a "great record" in 2008/2009) and that the decision that was made was "in no way a reflection of the group."

Instead, Dubin said, it was "a decision that was made by myself and other members of the investment committee as to where we thought opportunities for investing were across the different strategies groups at Highbridge...our view is a more strategic one that the area of event-driven investing falls into many of the other areas that we're engaged in in fundamental investing, whether it be in the long/short team's focus on individual stocks from a fundamental perspective or some of the event-driven investing that's found its way into the convertible book and the capital structure book and the credit opportunities business... so there was a lot of overlap."


Layoffs Watch '12: Barclays Capital

Cuts are said to have begun today across the pond. FYI: 'Consultation process' (job cuts) at BarCap London start this week. No indication of scale. Same day as [UK governance watchdogs] PIRC and ABI put firm on Amber Top alert due to exec compensation... troops not happy.