Highbridge Asia Chief Quits To Start New Firm

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Yesterday we reported that Highbridge's Asia man, Carl Huttenlocher, would be leaving the firm, in a move that seems to have come as something a shock CEO Glen Dubin (and investors from whom Huttenlocher spent most of 2010 raising assets), who flew out to Hong Kong to let employees know that nothing is fucked (though the firm will be winding down the Asia equities portfolio). Today the Journal's Jenny Strasburg has more details on Carl's plans for the future.

Carl Huttenlocher, a senior manager who joined Highbridge in 2002 and serves on its investment committee, has told colleagues that he plans to start his own hedge fund, the people say. He oversees about $2 billion in assets, including the Highbridge Asia Opportunities Fund, which is run out of Hong Kong, as well as roughly 8% of Highbridge's main multistrategy hedge fund based in New York, the people say. That fund has around $7 billion in assets.

Highbridge sold about $1.4 billion in holdings in recent days, as it sought to get the best price for those assets before telling investors of Mr. Huttenlocher's departure, say people familiar with the matter. Executives were planning Tuesday to send clients a letter with the news.

Highbridge's Asia Chief To Depart [WSJ]

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