When former SAC Capital COO Sol Kumin launched his new hedge fund three years ago, most of the omens were quite good. Decent name, billion-dollar fundraise, someone to make sure that FBI mug he rather prominently displays on his desk does not become even more ironic. But there was an ill omen: Unlike his former colleague’s new endeavor, he did not have the imprimatur of his old boss in the form of a check reading “Steven A. Cohen.” And for most of these last three years, the Big Guy looked like he might have some black edge on Kumin’s abilities as hedge fund impresario: Significant losses and redemptions quickly cut Folger Hill Asset Management from a billion-dollar shop to a hundreds of millions of dollar shop, and had Kumin desperately poring over the daily racing form for opportunities.
The Singapore and Hong Kong-based unit of Kumin’s Folger Hill Asset Management LP received a second commitment of up to $250 million from trading magnate Steven Schonfeld, the hedge fund founder told Reuters in an interview after the portfolio gained about 8 percent over the 12 months through October….
With the fresh commitment from Schonfeld Strategic Advisors LLC, Folger Hill’s Asia assets could soon total around $1 billion. The business now has about $525 million under management, a little more than half of the firm’s $1 billion in overall assets.