Highbridge Capital Management said Friday that it has named Scott Kapnick CEO of the firm. Kapnick will be succeeding Glenn Dubin, co-founder of Highbridge, who will stay on as chairman. Prior to joining Highbridge, Kapnick worked at Goldman Sachs, most recently as a member of the firm’s management committee and global co-head of investment banking. Based in New York, Highbridge is an alternative investment management organization.
NEW YORK–(BUSINESS WIRE)–Highbridge Capital Management, LLC (“Highbridge”), a global alternative investment management organization, today announced that Co-Founder Glenn Dubin has appointed Scott Kapnick CEO of Highbridge Capital Management. Mr. Dubin will remain Chairman of the firm.
“I am delighted to be taking this next step in the evolution of the Highbridge franchise. After more than 20 years at the helm, I have decided that it is time to step away from my day-to-day activities as CEO of the firm,” said Glenn Dubin, Co-Founder of Highbridge. “I will continue to remain active in my role as Chairman and provide the firm with strategic advice and business counsel. Additionally, I will remain personally invested in Highbridge funds.”
A guiding principle of Highbridge since its inception has been to establish a business that would outlast its founders. “When my co-founder Henry Swieca moved on in 2009, it was the first step in establishing the sustainability of the Highbridge franchise. Naming Scott as CEO of the business is the next important step in the evolution of Highbridge,” continued Mr. Dubin.
Mr. Kapnick joined Highbridge in 2007 to run Highbridge Principal Strategies, the firm’s global credit and private investment platform, and has succeeded in growing the business’ assets under management to over $14 billion. “Scott’s strong track-record at Highbridge and distinguished career at Goldman Sachs provide him with the unique ability to lead and succeed as the next CEO of Highbridge,” said Mr. Dubin.
“Few people have changed an industry and created as unique a culture and firm as Glenn has,” said Mary Callahan Erdoes, CEO of J.P. Morgan Asset Management. “He has made extraordinary contributions to the alternative asset management industry and many philanthropic causes. We are grateful for all he has done for the firm, our employees and the industry. I look forward to working with Glenn in his continued role as Chairman of the firm.”
“We are also very fortunate to have a leader of Scott’s caliber ready and able to take over as CEO. He has a strong grasp of our business strategy as well as our culture and a clear vision of how to move the firm forward,” continued Ms. Erdoes.
“It is an honor to be named CEO of an institution like Highbridge, one of the world’s largest and most prominent alternative asset managers,” said Scott Kapnick, CEO of Highbridge. “I am looking forward to working closely with Glenn and my colleagues at Highbridge and J.P. Morgan Asset Management as we continue to focus on growing the firm’s hedge funds, traditional investment management products and credit and private equity investment platforms.”
Mr. Dubin, along with Henry Swieca, co-founded Highbridge in 1992. Among Mr. Dubin’s more important accomplishments are his track record in assembling world-class investment and business talent, creating a sustainable investment management franchise and ultimately forging the partnership between Highbridge and J.P. Morgan Asset Management in late 2004. In 2010, Mr. Dubin further broadened the Highbridge investment platform by partnering with J.P. Morgan Asset Management to lead the acquisition of a majority interest in Gávea Investimentos, one of Brazil’s most prominent alternative investment managers co-founded by Arminio Fraga, former President of the Central Bank of Brazil, and Luiz Fraga.
Prior to joining Highbridge, Mr. Kapnick spent 21 years at Goldman Sachs, most recently as a member of the firm’s Management Committee and Global Co-head of Investment Banking.
In addition to his new role as CEO, Mr. Kapnick will continue to serve as CEO of Highbridge Principal Strategies and will remain a member of the Highbridge Principal Strategies Investment Committee.
About Highbridge Capital Management
Highbridge Capital Management is an alternative investment management organization founded in 1992. The company has developed a diversified investment platform comprising hedge funds, traditional investment management products, and credit and equity investments with longer-term holding periods. Highbridge and its affiliates manage approximately $31 billion in capital for many of the world’s most prominent institutional investors, public and corporate pension funds, endowments, foundations, family offices and high net worth individuals. The firm is based in New York with offices in Hong Kong and London and employs (with its affiliates) more than 450 people, including 157 investment professionals.
In late 2004, J.P. Morgan Asset Management purchased a majority interest in Highbridge, creating one of the first and most significant strategic alliances in the hedge fund industry. In July 2009, J.P. Morgan Asset Management completed its purchase of substantially all remaining shares of the firm – a transaction that remains at the vanguard of the institutionalization of the hedge fund industry.
Following the success of the Highbridge / J.P. Morgan Asset Management strategic partnership, Highbridge announced in October 2010 the purchase of a majority interest in Gávea Investimentos, one of Brazil’s leading alternative investment management firms. With headquarters in Rio de Janeiro and offices in São Paulo, Gávea brings to its partnership with Highbridge deep experience in investing in developed and emerging markets.