Solomon Kumin – formerly chief operating officer at SAC Capital Advisors - is planning to start a new stock-trading hedge fund firm, the Wall Street Journal reports, citing “people familiar with deal discussions.”

Solomon Kumin – formerly chief operating officer at SAC Capital Advisors - is planning to start a new stock-trading hedge fund firm, the Wall Street Journal reports, citing “people familiar with deal discussions.”

Kumin is in talks with the US holding firm Leucadia National Corp over a deal that would make the company Kumin's biggest investor and owner of a substantial portion of his firm, the report said.

It added that Kumin plans to start with between $800 million and $1 billion, making it “one of the largest hedge funds to launch this year.”

Kumin reportedly plans to build a hedge fund with offices in Boston, MA, and New York that will buy and sell stocks through several trading teams. He will be chief executive and have one other founding partner, although the name of the person “couldn't be learned,” the WSJ said.

Bringing to an end a seven-year long investigation by US prosecutors, in November 2013 SAC agreed to pay a total of $1.8 billion in penalties, plead guilty to insider-trading charges and give up managing money for outside investors (see more here.)