Multistrategy hedge fund manager Highbridge Capital Management laid off its event-driven investment team, confirmed a source with knowledge of the situation who spoke on condition of anonymity.
Highbridge executives, led by CEO Glenn Dubin, decided to cut the seven-person team, led by Jason Erslaw, because event-driven investments fall into other fundamental strategy teams, eliminating the need for a specialist team, the source said.
David Millar, a Highbridge Capital spokesman, declined to comment.
Highbridge manages a total of $26 billion, the source said. The amount that was managed by the event-driven team could not be learned.
Mr. Erslaw could not be reached for comment.