Deals
JPMorgan Said Close to Selling Majority Stake in Highbridge
- JPMorgan private-equity business has $22 billion in assets
- Bank said planning to sell fund to CEO Kapnick, other managers
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JPMorgan Chase & Co., the largest U.S. bank, is close to selling a majority stake in Highbridge Capital Management LLC to the executives who run the $22 billion private-equity business, a person with direct knowledge of the matter said.
The deal, under discussion since at least 2014, is expected to be completed by year-end, said the person, who asked not to be identified because the matter isn’t public. Highbridge Chief Executive Officer Scott Kapnick and other members of management will own the bulk of the business while JPMorgan will retain a minority stake, the person said.