Struggling hedge fund Folger Hill is merging with Schonfeld

REUTERS/Lucas Jackson

Sol Kumin, chief executive officer of Folger Hill Asset Management poses for a portrait in New York

Hedge fund Folger Hill Asset Management is merging with Schonfeld Strategic Advisors.

Most of the jobs held by Folger's 90-person staff will be moved over to Schonfeld, according to a person familiar with the matter. All of the people in the firm's Asia business, which has about 45 people, will keep their jobs, the person said.

Founder Sol Kumin will become chief strategic officer at Leucadia, according to an investor letter sent Tuesday night that was seen by Business Insider.

Staff were informed of the move on Tuesday, the person said.

This is a developing story. More to come.