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Highbridge troubles result in layoffs

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JPMorgan’s Highbridge Capital Management division has cut about 10% of its workforce, or 35 employees, primarily in the U.S., but the firm has said it has no plans to close any of its funds, and is now planning to launch a European equities unit.

Highbridge’s hedge funds have delivered mixed performance. The firm’s multistrategy fund was reportedly down about 13% for the year through September, while its long/short fund had fallen about 6%, and its statistical arbitrage fund had gained roughly 8%.

Highbridge has hired Munib Islam, formerly of Third Point, and Michael Alsalem, formerly of Kingdon Capital Management,