William Eigen was named a managing director and senior portfolio manager at hedge fund firm Highbridge Capital Management, said Melissa Daly, spokeswoman. The position is new. Mr. Eigen was a portfolio manager with Fidelity Investments, where he managed $10 billion in mutual fund and institutional money, according to a Highbridge press release. Portfolio managers Derek L. Young and Christopher L. Sharpe replaced Mr. Eigen as co-managers of the following Fidelity funds: Strategic Income; Advisor Strategic Income; VIP; Strategic Income Portfolio; Strategic Dividend & Income; Advisor Strategic Dividend & Income; and Four-in-One Index Fund, said John Brockelman, Fidelity spokesman. "The combination of Highbridge's risk management and absolute-return capabilities, (parent company) JPMorgan's distribution and experience in traditional fixed income, and Bill's portfolio management expertise will enable us to develop investment products that bridge the gap between traditional and alternative asset management," Highbridge co-CEO Henry Swieca said in the news release. In a phone interview, Mr. Eigen said he wants to expand on the tactical asset allocation strategy across multiple fixed-income classes that he used at Fidelity, using the "bigger tool box" available at Highbridge and JPMorgan to develop a unique product. But while the coming strategy will seize on opportunities to go short, it will remain risk controlled and focused on "high probability trades," he said.