Point72 Asset Management

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Point72 Asset Management
L.P., Private
Industry financial services.[1][2][3]
Founded 1992 (converted from SAC Capital Advisors in 2014)
Founder Steven A. Cohen
Headquarters Stamford, Connecticut, United States
Key people
Steven A. Cohen (Chairman, CEO, and President)
AUM $12.4 billion (2018)
Owner Steven A. Cohen
Number of employees
1,200 (2018)
Website point72.com

Point72 Asset Management, L.P., is an American hedge fund managing the assets of its founder, Steven A. Cohen, and eligible employees. SAC Capital Advisors was founded in 1992 and converted its investment operations to the Point72 Asset Management family office in 2014.[4] In 2018, the firm reopened to external investors after a 3-year ban. As of 2018, Point72 employed approximately 1,200 people. The firm's long/short investment divisions are Point72 Asset Management and EverPoint Asset Management. Cubist Systematic Strategies is its quantitative investing business. Point72 also operates Aperio, a "big data" research and investing unit.[5][6] Point72 has its main office in Stamford, Connecticut and there are several satellite offices around the world.[7]

History[edit]

Point72 was founded in 2014 as the successor to SAC Capital, after the firm pleaded guilty to federal insider trading charges and paid a $1.8 billion fine.[8] In March 2014, SAC Capital transferred the bulk of its assets to Point72 and was placed in "run-off," or a winding down of its operations. During this transition, Point72 launched a program a firm spokesperson referred to in a Wall Street Journal article as "the first phase of its transformation and renewal."[9][10]

In the wake of the government's criticism of SAC's compliance program, Point72 enacted a series of reforms to bolster internal compliance. Former federal prosecutor Vincent Tortorella was hired to fill a newly created role of chief surveillance officer, and former U.S. Attorney for Connecticut, Kevin J. O’Connor, was hired to serve as Chief Counsel.[11] A specialized surveillance unit, composed of ex-CIA, FBI and SEC investigators,[12] was created to emphasize the need for compliance by traders, and in 2014, the firm retained Palantir Technologies, Inc., a Central Intelligence Agency-backed software maker to provide a new tool for compliance and surveillance.[13] During this time, Point72 adopted other software programs designed to bolster internal compliance.[14]

In August 2014, founder Steven Cohen replaced many of the management personnel who had operated SAC. Among the changes, he named a new president of Point72, Douglas D. Haynes, and a new chief operating officer, former IBM executive Timothy Shaughnessy.[15][16] In 2015 the firm launched the Point72 Academy, an internship program to train new employees according to its mission and values. Point72 describes the program as an effort to build a stronger internal culture.[7][17][18]

There are satellite offices in New York City, Hong Kong, Tokyo, Singapore, London, Paris, and Palo Alto.[1]

References[edit]

  1. ^ Kishan, Saijel (October 22, 2015). "Point72's Haynes Says 'Cost of Being Excellent' Keeps Going Up". Bloomberg. Retrieved January 7, 2016. 
  2. ^ point72.com. Homepage. Accessed 2016-03-01.
  3. ^ Kate Kelly. The second coming of Steven Cohen. CNBC. 2016-01-11. Accessed 2016-03-01.
  4. ^ "Steven A. Cohen - Point72 Asset Management". Point72 Asset Management. Retrieved 2017-04-27. 
  5. ^ Yang, Stephanie (March 10, 2015). "Steve Cohen's Fund is Going Quant". Business Insider. 
  6. ^ Copeland, Rob (March 11, 2014). "SAC seeks a new start as 'Point72'". Wall Street Journal. 
  7. ^ a b Foxman, Simone (March 10, 2015). "Cohen's Firm said to hire 30 seeking edge in public data". Bloomberg. 
  8. ^ Copeland, Rob (April 7, 2015). "Steve Cohen's Investment Firm Appoints New Paid Advisory Board". Wall Street Journal. 
  9. ^ Beeson, Ed (June 27, 2014). "SAC Capital To Dissolve Adviser Business In SEC Settlement". Law 360. 
  10. ^ Burton, Katherine (April 8, 2014). "Cohen hires Tortorella as Surveillance Chief for Point72". Bloomberg. 
  11. ^ Goldstein, Matthew (December 15, 2014). "Steven Cohen Seeks Ex-FBI Agents to Join His Investment Firm". New York Times. 
  12. ^ Kishan, Saijel (March 19, 2014). "SAC retains Palantir to Boost Surveillance After Charges". Bloomberg. 
  13. ^ Bit, Kelly (June 9, 2014). "Cohen's Point72 Bans Instant Messaging for Some Managers". Bloomberg. 
  14. ^ Goldstein, Matthew (May 6, 2015). "Point72 Hires Ex-Prosecutor as General Counsel". New York Times. 
  15. ^ Burton, Katherine (May 20, 2015). "IBM's O'Shaughnessy Hired as COO by Point72". Bloomberg. 
  16. ^ Soule, Alexander (April 23, 2015). "Investment "academy" to debut at Point72". Stamford Advocate. 
  17. ^ Shen, Lucinda (March 11, 2016). "Some First-Year Hedge Funders Would Top The Best Paid Jobs List". Fortune. 

External links[edit]