Highbridge Capital Management LLC, a unit of JPMorgan Chase & Co. (JPM:US), appointed former Goldman Sachs (GS:US) Group Inc. executive Scott Kapnick chief executive officer of the 21-year-old asset-management firm, replacing co-founder Glenn Dubin.
Dubin will remain chairman and continue to invest his personal money in the firm’s funds, New York-based Highbridge said in a statement today. Highbridge said it intended since its start “to establish a business that would outlast its founders.”
Highbridge is owned by JPMorgan Asset Management Inc., the investment unit of the New York-based lender (JPM:US), and manages about $31 billion. Separately from today’s statement, KKR & Co., the New York-based alternative-asset manager that oversees more than $78 billion, said it hired Highbridge President Todd Builione to help expand the firm’s hedge-fund business.
Kapnick joined Highbridge in 2007 to run its global credit and private investment business, according to the firm. He previously spent 21 years at Goldman Sachs, including as its global co-head of investment banking. The Principal Strategies unit is Highbridge’s main investment arm and buys debt and equity with longer-term holding periods, such as loans, mezzanine and private-equity.
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