Highbridge Capital Management is preparing to roll out an
Asia-focused multi-strategy fund, which many in the market see
as effectively a re-launch of the Asia Opportunity Fund run by
the firm's former star manager, Carl Huttenlocher.
Huttenlocher left the firm in 2011 to start his own
multi-strategy hedge fund vehicle called Myriad Opportunities
Master Fund, which is understood to have performed well this
year - delivering a 12% YTD return to the end of July.
The new Highbridge Asia Fund will be managed by Arjun Menon,
who began heading up the US-based firm's Asian operations in
2011 following Huttenlocher's departure.
The new strategy is understood to have been started in April
with around $25 million of principal capital, with the aim of
now scaling it up to several hundred million dollars.
Menon, who is well regarded in Asian investment circles,
will operate across multiple asset classes through the new fund
with a strategy that is understood to be similar to that run by
Huttenlocher while he was with the JP Morgan-owned firm.
While the $1.4 billion Highbridge Asia Opportunity Fund saw
significant redemptions and was reported to have been wound
down following Huttenlocher's departure, Menon and his team in
Hong Kong have continued to manage the Asian component of the
firm's flagship Highbridge Multi-Strategy Fund.
Sources say that the team has done very well in recent years
managing this portfolio, which has evolved into a strategy that
places more emphasis on high-yield credit, convertible bonds
and volatility trading in its regional investments.
Former Goldman Sachs salesman Anthony Berger joined Menon's
team in August last year. Berger had also previously worked at
JPMorgan, running Asia convertible bond sales. Highbridge
declined to comment on the planned launch.
Highbridge recently appointed New York-based Scott Kapnick
as its CEO. Kapnick, a former Goldman Sachs executive, joined
the firm in 2007 to run Highbridge Principal Strategies, the
firm's global credit and private investment platform, and has
successfully grown the assets under management in that business
to over $14 billion.