Popiolek, who last month turned down Bell Pottinger Corporate & Financial's offer to join the firm along with Grandfield chairman Charles Cook, is working in RAB Capital's press office.
Market sources said Popiolek has been taken on as RAB Capital's first head of comms. But Popiolek declined to clarify his role at RAB Capital and whether he was working for the hedge fund manager on a freelance or full-time basis.
RAB Capital hired Grandfield for its flotation on AIM last year, with Popiolek leading the team handling media relations around the firm's newly launched funds targeting retail investors (PRWeek, 9 March 2004).
When Cook decided to sell his business to Bell Pottinger C&F last month, Popiolek was the only other senior member of Grandfield staff but declined to follow Cook, who is now deputy chairman of Bell Pottinger C&F.
Last month RAB Capital posted a pre-tax profit of £17.5m for 2004, just above the hedge fund's January estimate of £17m.
Hedge funds typically thrive in volatile conditions as investors try to counterbalance market risk. But calmer markets in the second and third quarters of 2004 have made hedge fund trading conditions more difficult.