WSJ – Former SAC Capital Advisors LP executive Solomon Kumin has secured a $400 million investment from Leucadia National Corp. LUK -0.24% for his startup hedge-fund firm, according to people familiar with the recent developments.
An agreement signed late last week finalized plans to make Leucadia the biggest fund investor and near-50% owner of Mr. Kumin’s firm, the people familiar with the developments said. Precise terms, such as the potential ownership breakdown and revenue-sharing details, couldn’t be learned.
The business will be called Folger Hill Asset Management, after the highest point on the Massachusetts island of Nantucket, where Mr. Kumin’s family spends vacations, one of the people said. Folger Hill plans to focus on buying and selling stocks through several trading teams.