World’s biggest hedge fund restructures amid turmoil

Highbridge Capital Management, which is majority owned by JP Morgan Chase and has $25bn under management, is axing 10 per cent of its New York-based staff and plans cuts in Europe and Asia.

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But, as with other funds, Highbridge has suffered from the financial crisis. Among the group’s funds, its multi-strategy fund declined about 13pc this year at the end of September, while its long-short fund was down about 6pc. Its statistical arbitrage fund is up about 8pc.