Hedge Funds

Highbridge deal catapults JPMorgan into big time


JPMorgan Fleming Asset & Wealth Management's planned purchase of a controlling stake in Highbridge Capital will swiftly catapult the JPMorgan group from the position of also-ran to the industry's top 10 list of operators of single-manager hedge funds.

In total, JPMorgan Chase will run some $10 billion of hedge fund assets with the closure of the deal between Highbridge, which runs $7 billion of hedge fund assets, and JPMorgan, which operates $3 billion through such funds as its $1 billion Nippon Neutral.

JPMorgan Chase also manages about $9 billion of fund of fund assets through its JPMorgan Alternative Asset Management