The Securities and Futures Commission in Hong Kong has given the go-ahead to former Asia head of Highbridge Capital Management to start a hedge fund on December 1st.
Carl Huttenlocher plans to start Myriad Asset Management, a multi strategy hedge fund, with an initial US$300 million and seeks to raise up to US$2 billion by the second quarter of 2012.
JP Morgan & Co. bought a controlling stake in Highbridge for US$1 billion in 2004, ultimately acquiring it in its entirety, and since then has grown assets from US$7 billion to over US$30 billion.
