SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Context Capital Management, LLC (Last) (First) (Middle) 12626 HIGH BLUFF DRIVE SUITE 440 (Street) SAN DIEGO CA 92130 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol HIGHBURY FINANCIAL INC [ HBRF ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 01/03/2007
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/23/2007		S		65,000	D	$5.7377	728,500	I(1)	See Footnotes 1, 2, 3(1)(2)(3)
Common Stock	01/24/2007		S		20,000	D	$5.75	708,500	I(1)	See Footnotes 1, 2 and 3(1)(2)(3)
Common Stock	01/25/2007		S		5,000	D	$5.87	703,500	I(1)	See Footnotes 1, 2 and 3(1)(2)(3)
Common Stock	01/26/2007		S		29,500	D	$5.8161	674,000	I(1)	See Footnotes 1, 2 and 3(1)(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Stock Warrants (right to buy)	$5	01/03/2007		S			1,000	01/25/2007	01/25/2010	Common Stock	1,000	$1.665	1,872,700	I(1)	See Footnotes 1, 2 and 3(1)(2)(3)
Common Stock Warrants (right to buy)	$5	01/05/2007		S			20,000	01/25/2007	01/25/2010	Common Stock	20,000	$1.64	1,852,700	I(1)	See Footnotes 1, 2 and 3(1)(2)(3)
Common Stock Warrants (right to buy)	$5	01/11/2007		S			10,000	01/25/2007	01/25/2010	Common Stock	10,000	$1.67	1,842,700	I(1)	See Footnotes 1, 2 and 3
Common Stock Warrants (right to buy)	$5	01/17/2007		S			1,000	01/25/2007	01/25/2010	Common Stock	1,000	$1.65	1,841,700	I(1)	See Footnotes 1, 2 and 3(1)(2)(3)

1. Name and Address of Reporting Person* Context Capital Management, LLC (Last) (First) (Middle) 12626 HIGH BLUFF DRIVE SUITE 440 (Street) SAN DIEGO CA 92130 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Context Advantage Master Fund, L.P. (Last) (First) (Middle) P.O. BOX 1343GT, STRATHVALE HOUSE GROUND FLOOR, NORTH CHURCH STREET (Street) GEORGE TOWN, GRAND CAYMAN E9 KY1-1108 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* ROSEN MICHAEL S (Last) (First) (Middle) CONTEXT CAPITAL MANAGEMENT LLC 12626 HIGH BLUFF DRIVE STE 440 (Street) SAN DIEGO CA 92130 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* FERTIG WILLIAM D (Last) (First) (Middle) 6 DESTA DRIVE SUITE 400 (Street) MIDLAND TX 79705 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. These securities are held directly by LP and by other investment funds and accounts of which LLC is the investment adviser or general partner, for the benefit of the investors in that partnership, those funds and those accounts. LP directly holds 595,000 shares of common stock and 1,076,850 warrants. All of the securities reported here are indirectly beneficially owned by LLC, Rosen and Fertig, who disclaim beneficial ownership of such securities except to the extent of their pecuniary interest therein.

2. The reporting persons are Context Capital Management, LLC, a Delaware limited liability company ("LLC"), Context Advantage Master Fund, L.P., a Cayman Islands limited partnership ("LP"), Michael S. Rosen and William D. Fertig. LLC is a registered investment adviser. Mr. Rosen and Mr. Fertig are the control persons of LLC. LP is an investment fund of which LLC is the general partner.

3. LLC, LP, Mr. Rosen and Mr. Fertig are filing this Form jointly. LLC, Mr. Rosen and Mr. Fertig constitute a group within the meaning of Rule 13d-5(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), but disclaim membership in a group with any other person. LP is filing this Form jointly with the other reporting persons, but not as a member of a group, and expressly disclaims membership in a group. In addition, the filing of this Form on behalf of LP should not be construed as an admission that LP is, and LP disclaims that it is, the beneficial owner, as defined in Rule 13d-3 under the 1934 Act, of any of the securities covered by this Form.

	Context Capital Management, LLC by Michael S. Rosen, Manager	02/27/2007
	Context Advantage Master Fund, L.P. by Context Capital Management, LLC, GP, by Michael S. Rosen, Manager	02/27/2007
	Michael S. Rosen	02/27/2007
	William D. Fertig	02/27/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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