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Opalesque Exclusive: Highbridge launches quant fund on French market
Benedicte Gravrand, Opalesque Geneva: JPMorgan Asset Management announced the launch of the JPMorgan Funds – Highbridge Europe STEEP Fund on the French Market, reported French site NewsManagers.com last week. The fund follows Highbridge Capital Management’s statistical arbitrage process. It uses an automated quantitative model to identify and exploit minor but recurrent anomalies on the stock markets. It favours the selection of securities as a main source of out-performance. The NAV was up +1.37% since the February 2008 inception (FT Fund Directory.)
Highbridge Capital Management, LLC, founded in 1992, has offices in New York, London, and Hong Kong. Dubin and Swieca, Highbridge’s original founders, sold 55% of the firm for over $1.3bln to JPMorgan Chase & Co. in December 2004, which in turn sold Highbridge’s funds worldwide, ‘boosting the firm’s assets more than fivefold to $36.4 billion at mid-year 2007 from $7 billion at the end of 2004’, according to Bloomberg.com. After the deal, Citigroup, Lehman Brothers and Morgan Stanley followed suit by investing millions into hedge funds (...................... To view our full article Click here
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