Finance: A wave of staffers has left hedge fund Folger Hill as the firm searches for fresh money

At least seven staffers have left Folger Hill Asset Management in recent weeks as the fund continues its search for a new investor.

There has been a wave of departures from hedge fund Folger Hill as the firm searches for fresh money, Business Insider has learned.

The departures include at least four portfolio managers, an analyst and staffers who worked in risk and compliance. Two of them have left the hedge fund industry.

• Nick Marino, a portfolio manager, has moved to Citadel's Surveyor Capital. He started this month, a Citadel spokesperson confirmed.
• Ryan Novak, a portfolio manager, has moved to Man GLG, according to people familiar with the matter.
• Chris Eberle, a technology portfolio manager, is moving to the sell-side. He resigned earlier this week, according to people familiar with the matter.
• Sol Goldwyn, a portfolio manager, has also left, according to people familiar with the matter.
• Cameron Will, an analyst, left to work at Amazon, according to a LinkedIn page.
• Helen Ren, a risk manager, moved to Citadel's Global Equities unit, a Citadel spokesperson confirmed.
• Derek Gould, a compliance officer, left in June for SRS Investment Management, according to a LinkedIn page.

A spokesman for Folger Hill declined to comment.

These departures are in addition to several other departures from earlier this year, which included Folger Hill's director of investor relations, director of risk and several portfolio managers.

Folger Hill launched two years ago and was founded by Sol Kumin, Steve Cohen's former chief operating officer at SAC Capital.

With global expansion plans, Folger Hill attracted the backing of big-name Wall Street groups like Leucadia National Corp., which encompasses the investment bank Jefferies Group, and Schonfeld Strategic Advisors, which backed the hedge fund's Asia unit.

After assets tumbled last year, Kumin started a search to raise $300 million to $400 million with a lockup of several years. The search is ongoing, people familiar with the situation said.

Last year, assets dropped to a low of about $600 million from a peak of $1 billion earlier in 2016.

Folger Hill has posted slight gains this year, though the fund has lost a total of 17.1% after fees from its launch in March 2015 through June this year, according to an investor document seen by Business Insider.

At least seven staffers have left Folger Hill Asset Management in recent weeks as the fund continues its search for a new investor. Read Full Story