Point72 Asset Management

Point 72 Asset Management
L.P., Private
Industry financial services[1]
Founded 2014
Founder Steven A. Cohen
Headquarters Stamford, Connecticut, United States
Key people
 Doug Haynes (President)[2]
AUM $11 billion (2015)[3][4]
Owner Steven A. Cohen
Number of employees
 1,000 (2015)[5][6]
Website point72.com

Point72 Asset Management, L.P., is a family office managing the assets of its founder, Steven A. Cohen, and eligible employees.[7][8] Point72 was established in 2014 as the successor to S.A.C. Capital Advisors.[1][4] As of 2015, Point72 employed approximately 1,000 people. [5] The Firm's long/short investment divisions are Point72 Asset Management and EverPoint Asset Management. Cubist Systematic Strategies is its quantitative business. Point72 also operates Aperio, a "big data" research and investing unit.[9][10][11] Point72 has its main office in Stamford, Connecticut,[11] and satellite offices in New York City, Hong Kong, Tokyo, Singapore, and London.[12][6][13]

History

Point72 was founded in 2014 as the successor to SAC Capital, after the firm plead guilty to federal insider trading charges and paid a $1.2 billion fine.[14] In March 2014, SAC Capital transferred the bulk of its assets to Point 72 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."[15][16]

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.[17] A specialized surveillance unit, composed of ex-CIA, FBI and SEC investigators,[18] 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.[19] During this time, Point72 adopted other software programs designed to bolster internal compliance.[20]

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.[21][22] 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.[23][24][11]

References

  1. 1 2 Kishan, Saijel (October 22, 2015). "Point72’s Haynes Says ‘Cost of Being Excellent’ Keeps Going Up". Bloomberg. Retrieved January 7, 2016.
  2. ↑ Fox, Emily Jane (January 19, 2016). "Hedge-Fund Billionaire Steve Cohen’s Point72 Is Staffing Up". Vanity Fair.
  3. ↑ Fletcher, Laurence (October 22, 2015). "Steven Cohen’s Firm in Talks to Rehire Fund Manager". Wall Street Journal.
  4. 1 2 "Cohen’s point72 Hires Former CS Equity Research Head Flannery". FIN Alternatives. October 30, 2015.
  5. 1 2 Kishan, Saijel; VanVoris, Bob; Robinson, Matt (October 29, 2015). "Will shift in insider trading spell a comeback for Steve Cohen?". Chicago Tribune.
  6. 1 2 Soule, Alexander (October 17, 2015). "O’Connor brings plenty of experience to Point72 role". Stamford Advocate.
  7. ↑ point72.com. Homepage. Accessed 2016-03-01.
  8. ↑ Kate Kelly. The second coming of Steven Cohen. CNBC. 2016-01-11. Accessed 2016-03-01.
  9. ↑ Yang, Stephanie (March 10, 2015). "Steve Cohen’s Fund is Going Quant". Business Insider.
  10. ↑ Copeland, Rob (March 11, 2014). "SAC seeks a new start as 'Point72'". Wall Street Journal.
  11. 1 2 3 Foxman, Simone (March 10, 2015). "Cohen’s Firm said to hire 30 seeking edge in public data". Bloomberg.
  12. ↑ Lattman, Peter (October 22, 2013). "SAC Capital Retrenches as Insider Trading Inquiry Drains Firm". New York Times.
  13. ↑ Gasparino, Charlie (November 20, 2015). "Billionaire Steve Cohen hiring and plots hedge fund return". Fox Business.
  14. ↑ Copeland, Rob (April 7, 2015). "Steve Cohen’s Investment Firm Appoints New Paid Advisory Board". Wall Street Journal.
  15. ↑ Beeson, Ed (June 27, 2014). "SAC Capital To Dissolve Adviser Business In SEC Settlement". Law 360.
  16. ↑ Burton, Katherine (April 8, 2014). "Cohen hires Tortorella as Surveillance Chief for Point72". Bloomberg.
  17. ↑ Goldstein, Matthew (December 15, 2014). "Steven Cohen Seeks Ex-FBI Agents to Join His Investment Firm". New York Times.
  18. ↑ Kishan, Saijel (March 19, 2014). "SAC retains Palantir to Boost Surveillance After Charges". Bloomberg.
  19. ↑ Bit, Kelly (June 9, 2014). "Cohen's Point72 Bans Instant Messaging for Some Managers". Bloomberg.
  20. ↑ Goldstein, Matthew (May 6, 2015). "Point72 Hires Ex-Prosecutor as General Counsel". New York Times.
  21. ↑ Burton, Katherine (May 20, 2015). "IBM's O'Shaughnessy Hired as COO by Point72". Bloomberg.
  22. ↑ Soule, Alexander (April 23, 2015). "Investment "academy" to debut at Point72". Stamford Advocate.
  23. ↑ Shen, Lucinda (March 11, 2016). "Some First-Year Hedge Funders Would Top The Best Paid Jobs List". Fortune.

External links

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