The head of Highbridge Capital Management's Asia investments is leaving the multibillion-dollar hedge-fund firm owned by J.P. Morgan Chase, say people familiar with the matter.

Carl Huttenlocher, a senior manager who joined Highbridge in 2002 and serves on its investment committee, has told colleagues that he plans to start his own hedge fund, the people say. He oversees some $2.5bn in assets including the Highbridge Asia Opportunities Fund, which is run out of Hong Kong, as well as assets in Highbridge's main multi-strategy hedge fund based in New York, the people say.