J.P. Morgan buys stake in Highbridge

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Monday September 27, 08:03

J.P. Morgan buys stake in Highbridge

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(by Peter Van Bruggen)

J.P. Morgan shows intention to buy a majority stake in Highbridge Capital Management in $1 billion deal, people say.

The transaction will broaden the field of distribution for the hedge fund and will allow banks and securities firms to step into the hedge fund market.

J.P. Morgan is trying to catch firm position in hedge funds access as the latter had $500 billion under management in 2000 and are expected to control some several trillion dollars as soon as 2010 with 80% of institutional contributions.
This acquisition is not the last one, specialists say. "There will be many more such sales. Hedge funds have been so enormously profitable. Now they want to be organized in a way that makes selling their business down the road possible," says Marco Masotti, co-head of the investment-funds group at law firm Paul Weiss Rifkind Wharton & Garrison LLP.
J.P. Morgan Chase already has $3 billion of client money in its own hedge funds in Europe and Asia, $8 billion in fund of funds. Possible acquisition will give J.P. Morgan the chance to avoid large expenditures in technology and personnel that would be required to expand funds business.

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