- Former SAC Asia head Wai is CEO of Folger Hill's Asia Unit
- Folger Hill registered unit in Hong Kong in mid-March
Folger Hill Asset Management, the $1 billion hedge fund led by former SAC Capital Advisors Chief Operating Officer Sol Kumin, is expanding to Hong Kong with the help of SAC’s ex-Asia head.
Angus Wai has joined Folger Hill as chief executive officer for the region and is building a team in Hong Kong, a person with knowledge of the New York-based firm said. Folger Hill incorporated a Hong Kong unit in March, according to a company registration document. Wai is listed as the lone director of Folger Hill Asset Management (Hong Kong).
Wai had worked for Steven A. Cohen’s SAC and its successor for almost nine years and helped establish its presence in Asia. SAC returned client money as part of a record $1.8 billion insider trading settlement with the U.S. government in 2013. The firm was renamed Point72 Asset Management and is now focusing on managing Cohen’s personal wealth. Wai left the firm last year.
Wai didn’t reply to voice and text messages left on his mobile phone. A spokesman for Folger Hill declined to comment. Folger Hill, which Kumin started last year, allocates money to a group of in-house managers to trade equities.
Folger Hill is arriving in the region amid intensified competition for talent as hedge funds are expecting market swings to throw up investment opportunities, even as the Asian industry is reeling from the worst first quarter since 2008.
Peers such as Balyasny Asset Management and Point72 have been adding or replenishing managers and analysts. Dymon Asia Capital (Singapore), which tapped another former SAC Asia head, Jay Luo, as president, has also been recruiting managers for an equities hedge-fund platform backed by Singapore state investment company Temasek Holdings Pte.
Dymon’s platform this year added Yusuke Saito, who previously worked for Moore Capital Management, according to license data posted on the website of Hong Kong’s Securities and Futures Commission and his LinkedIn profile.
Balyasny recently hired Eng Khan Seet from York Capital Management as an Asia long-short equity manager in Hong Kong, Colin Lancaster, a spokesman at the Chicago-based investment firm which oversees about $12 billion of assets, said in an e-mail.
Other firms hiring include Hong Kong-based Myriad Asset Management, which oversees more than $4 billion. Paul Kim recently joined Myriad from Rockhampton Management, according to his LinkedIn profile and regulatory data. He is a senior fundamental long-short equity analyst focused on the North Asia financial industry, commodities and South Korea.
Dymon’s Luo and Scott Gaynor, chief operating officer at Myriad, declined to comment on the new hires.