Highbridge Capital Management LLC, a unit of JPMorgan Chase & Co., appointed former Goldman Sachs 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, 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 efforts.
Kapnick joined Highbridge in 2007 to run its global credit and private investment business, called principal strategies, 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 oversees more than $14 billion in debt and equity investments with long-term holding periods, such as loans, mezzanine and private equity. Kapnick will remain CEO of the unit and a member of its investment committee, the firm said.
KKR’s hedge-fund businesses consist of Prisma Capital Partners LP, the fund-of-hedge-funds manager it bought last year, and a stake in hedge fund Nephila Capital Ltd. Led by Henry Kravis and George Roberts, KKR also hired Bob Howard from Goldman Sachs in 2011 to run an in-house long-short stock fund.