Patrick Saunders, healthcare portfolio manager for Folger Hill Asset Management, rejoined $42 billion D.E. Shaw on Tuesday in a role he previously held, Business Insider earlier reported.
Saunders is one of the latest staffers to leave Folger Hill. At least 15 US-based staffers have left the startup over recent months following performance concerns and a dwindling asset base, according to Business Insider reporting.
Other recent Folger Hill departures, which have not been previously reported, include industrials analyst Alex Vecchio, who left in July and had worked for Ryan Novak, the industrials portfolio manager who is now at Man GLG, a division of British giant Man Group. Another analyst, Andrew Coleman, and Danny Heuser, a technologist, also have left.
Meanwhile, Folger Hill has made several hires over recent weeks:
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Folger Hill launched two years ago and was founded by Sol Kumin, Steve Cohen's former chief operating officer at SAC Capital, and Todd Rapp, previously chief risk officer at Highfields 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.