J.P. Morgan Asset Management is laying off 52 staff members in New York, the company disclosed in a U.S. Department of Labor notice. The job cuts are part of a restructuring at JPMAM's hedge fund Highbridge Capital Management, a source with knowledge of the matter said Monday.
Highbridge is part of JPMAM's $150 billion global alternatives unit, which has 650 employees globally.
Last month, JPMAM confirmed that the hedge fund firm was winding down its $2.85 billion multistrategy fund as it moved to a "specialized focus on multistrategy credit," a spokesman confirmed with Pensions & Investments at the time.
The Highbridge affiliate had $3.9 billion in total assets under management as of Dec. 31.
"Over the last several years, clients have evolved their multistrategy hedge fund allocations from a broad-based approach towards more specialized areas of expertise," the JPMAM spokesman wrote in a June email.
The layoffs are set to occur at the end of September and will affect Highbridge's Manhattan office at 40 West 57th Street, according to the Labor Department notice.