Angus Wai, the Asia CEO of multi-strategy manager Folger Hill Asset Management, has left the firm.
Ren Wu, the group’s head of risk management in Asia, has taken over Wai’s duties at the firm.
The New York-headquartered Folger Hill, established in 2016 by former Point72 executive Sol Kumin, merged with New York-based hedge fund platform Schonfeld back in April.
Both Folger Hill and Schonfeld did not respond to request for comment by press time.
Folger Hill’s Asia operation continues to operate under its original name but will soon take on the Schonfeld title – most likely in September following regulatory approval in Hong Kong and Singapore. according to one source close to the situation.
Most of Folger Hill’s 50 or so staff in Asia have been retained by Schonfeld although a few left earlier this year after the announcement of the merger. These include trader Terumasa Tsukamoto who has moved to Mizuho Securities and Chow Kit Fung who is now with Ovata Capital.
Before Folger Hill, Wai was head of the Asia operation of Point 72 Asset Management, which manages the wealth of hedge fund doyen Steven A. Cohen.
Wai joined Cohen’s SAC Capital Advisors in November 2006, to establish the group’s s presence in Asia, where it has offices in Singapore, Tokyo and Hong Kong. He left in 2016 to help Folger Hill establish itself in the region.
Folger Hill Asia CEO leaves on AsiaHedge.