Steve Cohen protégé is off to a strong start

A New York hedge fund that has the backing of Dan Loeb and Steve Cohen's family has had a strong start to the year.

Honeycomb Asset Management's flagship fund returned 9.3% net of fees in the first quarter, according to to Business Insider. That's compared to a 2.3% rise in the HFRI, a hedge fund index. Honeycomb, which was founded by David Fiszel, managed about $330.7m as of March 31. Folger Hill on uphill struggle

Sol Kumin launched his New York-based hedge fund in 2015 to much fanfare, with some of Steve Cohen's top traders he had recruited while working at SAC Capital. But Kumin's fund, Folger Hill Asset Management, has faced setbacks, reported Business Insider. Though it has recently made slight gains, the fund, which invests in stocks, is down approximately 20% since its launch - while stocks were in a raging bull market. Last year, assets dropped to a low of about $600m from a peak of $1bn earlier in the year.

The firm lost some of its big backers along the way, including Goldman Sachs and UBS. In recent months, several senior staffers have left. The pressure is now on to find a strategic partner - a move that would give Folger Hill breathing room. Ex-Barclays banker del Missier opens hedge fund to external capital

A hedge fund firm run by the former co-CEO of Barclays investment bank Jerry del Missier and focused on the financial services industry has opened to external capital, ......................

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This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.