Highbridge Capital Management Co-Founder Henry Swieca plans to leave the $21 billion hedge fund firm by year’s end, Bloomberg reports. JPMorgan Chase, which owned 77.5% of the hedge fund at the end of 2008, will boost its stake by an undisclosed amount, according to Mary Sedarat, a spokeswoman for the bank. Swieca, and Co-Founder Glenn Dubin, will retain a small piece of the firm they founded together in 1992.
Highbridge executives have reportedly prepared for the departure of Swieca, the current cio. Swieca is expected to start a financial-services company after taking some time off, according to investment committee member Todd Builione. The firm will not name a new cio.
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This article was originally published in Alternative Investment News.