Bernstein and Hoffman have announced that they will be leaving Highbridge Capital Management to form their own fund, specializing in the technology and media sectors.
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Adam Bernstein and Mark Hoffman will be leaving the comfortable surroundings at JP Morgan Chase owned Highbridge Capital Management to establish their own hedge fund.
Both Bernstein and Hoffman are veterans at Highbridge, with Adam Bernstein having been with the company for nine years, the most recent years as head of the company’s media, telecoms, leisure and internet department while Mark Hoffman, who had been with the company a year longer, was head of Highbridge’s global stock trading department.
The duo will be joined by a third partner in their new, and yet unnamed, venture, although it is rumored that he is one Highbridge’s team of investment analysts.
Adam Bernstein, as head of the fund’s technology sector, was responsible for overseeing investment decisions in one of Hignbridge’s most profitable hedge-fund stock portfolios, which is credited with having contributed the largest ratio of profits in the last financial year , with an increase in profits of around 15% for the last financial year.
At the beginning of 2014, Bernstein was also given responsibility for the Highbridge’s technology-stock investment portfolio, which had lost a considerable amount of money in 2013, with a letter to clients, citing Mr. Bernstein’s “successful long-term track record of broad-based long/short investing, including technology-related names” being the reason why he was handed this extra responsibility
Due to the delicate nature of the situation Bernstein and Hoffman will be clearing the desks before the end of the month, although it is not expected that their new venture will get underway until the middle of the year.
Other than the initial and unofficial announcement that the pair will be leaving Highbridge, information on the new company has been sparse, other than information gathered from their (soon to be) former colleagues that their plans are to launch a new technology- and media-focused hedge fund.