03/05/2014

Dubin Family Office Seeking Quant Traders

Glenn Dubin’s newly formed family office is getting into quantitative trading.

Working through his New York-based Dubin & Co., the Highbridge Capital co-founder is seeking an undisclosed number of portfolio managers to man the effort. They might come on board as employees of the operation, or trade externally on its behalf.

The skill sets Dubin is looking for include an expertise in statistical arbitrage. He has yet to bring anyone on board.

In preparation for the push, Dubin & Co. has struck an agreement to lease server space from Pico Financial Technologies, a New York firm that specializes in facilitating rapid trading. Pico is led by founder Jarrod Yuster, who formerly ran Merrill Lynch’s electronic-trading division.

Dubin & Co.’s move into quantitative trading comes as part of a push to establish a range of portfolio-management operations. Dubin, whose net worth was pegged at $1.7 billion in September by Forbes, presumably still has much of his personal capital invested with Highbridge — but is likely to move some of it to Dubin & Co. as the office takes shape.

Dubin relinquished his role as Highbridge’s chief executive in July, while retaining his seat as chairman of the $27.5 billion multi-strategy shop. He began setting up Dubin & Co. in the following months, leasing space in Manhattan’s GM Building and hiring Highbridge deputy Greg Eisner to oversee the firm’s strategy.

Dubin & Co. has a noncompete agreement with Highbridge that presumably prevents it from recruiting additional professionals from the firm.

Dubin founded Highbridge in 1992 with Henry Sweica, with the two later selling their interests in the business to J.P. Morgan. Sweica left in 2004 to start Talpion Fund Management.

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