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Ex-SAC’s Kumin Said to Gather $1 Billion for Hedge Fund Startup

Bloomberg – Solomon Kumin, who was chief operating officer of billionaire Steven A. Cohen’s SAC Capital Advisors, is on track to gather $1 billion for his hedge fund firm when it starts trading in March, according to a person familiar with the matter.

Folger Hill Asset Management will allocate money to a group of in-house managers to trade equities, said the person, who asked not to be identified because the information is private. Kumin, 39, declined to comment on the capital raising.

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