Folger Hill teams up with Schonfeld for Asia push

Hong Kong

FOLGER Hill Asset Management, started by former SAC Capital Advisors' chief operating officer Sol Kumin, has attracted money from Steven Schonfeld's investment firm to expand its fledgling Asia business. Investors including Schonfeld Strategic Advisors and Leucadia National Corp have pledged US$500 million to Folger Hill's regional business in Asia, according to a statement. Folger Hill and Schonfeld will work together to identify investment strategies for the Asia unit under a long-term strategic partnership deal, the companies said in the statement.

Folger Hill has lined up support as the US$2.9 trillion global hedge fund industry faces investor criticism and redemptions over high fees and lacklustre returns. The industry lost assets for four consecutive quarters through September, a phenomenon not seen since June 2009, according to data from Hedge Fund Research Inc.