Folger Hill Hedge Fund Stumbles After Pedigreed Start

(Reuters) Folger Hill Asset Management has suffered through investor redemptions and losses that have cut the hedge fund firm’s assets by nearly one-third from its 2015 peak, people familiar with the situation told Reuters.

Launched in 2014 by an acolyte of SAC Capital Advisors founder Steven A. Cohen, Folger Hill was one of the most prominent hedge funds to come on the scene. Its founder, Solomon Kumin wanted it to be similar to SAC in that it would have many portfolio managers pursuing a variety of strategies for high returns. Kumin raised about $1.1 billion by telling investors its diverse array of stock market bets through talented managers meant Folger Hill would perform well in good markets and bad.

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