JPMorgan Chase Takahashi Capital's head of Asia leaves the independent portal to create a new fund (VC296)

Four insiders revealed on February 28 that JP Morgan ’s Highbridge Capital hedge fund was closing the Asia-focused fund, after Carl Huttenlocher, the company ’s head of Asian investment, left, and created a new fund through a separate portal.

Huttenlocher's assets in charge of the Asia Focus Fund once reached approximately US $ 2 billion. He is also responsible for overseeing the Asian operations of Takahashi ’s larger multi-strategy fund.

Takahashi will retain the positions of Asian employees to continue to operate the Asian investment business of multi-strategy funds.

According to sources who did not wish to be named because the information was not disclosed, the Asia Focus Fund, which currently has a portfolio size of about 1.4 billion U.S. dollars, will be liquidated, and liquidation has begun to be closed last week. It is expected that cash will be returned to investors by the end of March.

A source mentioned that Glenn Dubin, the CEO and founder of Takahashi, and Todd Builione, the chief operating officer, are "processing related matters" in Hong Kong. But Takahashi declined to comment on Huttenlocher's departure.

Hedge funds often sign "keyman" agreements with investors and allow investors to redeem funds early when the chief manager leaves the fund.

A person familiar with the matter revealed that when faced with Huttenlocher's departure, Takahashi decided to close the smaller Asia-focused fund, which focused on the long and short positions in the stock market and convertible bond strategies.

Two other people familiar with the matter said that Huttenlocher helped the hedge fund company raise hundreds of millions of dollars from investors in 2010.

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