Highfields Capital Management’s chief risk officer is the co-founder of former SAC Capital Advisors chief operating officer Solomon Kumin’s new hedge fund.
Todd Rapp will leave the Boston-based hedge fund to serve as co-founder and partner at Kumin’s unnamed firm, The Wall Street Journal reports. Kumin hopes to raise between $800 million and $1 billion for the fund, which is expected to debut later this summer.
Rapp’s departure from Highfields will come at the end of the month, Highfields told investors last week. He had worked at the firm since 2012.
Kumin is reportedly in talks with several possible partners about backing the new firm, most notably Leucadia National Corp., which may invest about $400 million.
Separately, Kumin has joined the board at Starwood Property Trust, the real-estate firm announced.