Schonfeld Hedge Fund Takes Over Folger Hill After Rough Run (1)

Steven Schonfeld’s hedge fund is taking over Folger Hill Asset Management, which has been dogged by poor performance since Sol Kumin founded the firm more than three years ago.

The jewel in the deal is Folger Hill’s Asia unit, which will be Schonfeld Strategic Advisors’ first fundamental equity business in the region, executives at the firm said Tuesday. Kumin, who worked with Steve Cohen for about a decade, will become chief strategy officer at the asset-management arm of Leucadia National Corp., which has a majority stake in Folger Hill. Some Folger Hill managers in the U.S. will lose ...