Point72 Asset Management

Point 72 Asset Management
L.P., Private
Industry financial services.[1][2][3]
Founded 2014
Founder Steven A. Cohen
Headquarters Stamford, Connecticut, United States
Key people
 Doug Haynes (President)[4]
AUM $11 billion (2015)[5][6]
Owner Steven A. Cohen
Number of employees
 1,000 (2015)[7][8]
Website point72.com

Point72 Asset Management, L.P., is an American family controlled investment company or family office managing the assets of its founder, Steven A. Cohen, and eligible employees. Point72 was established in 2014 as the successor to S.A.C. Capital Advisors. As of 2015, Point72 employed approximately 1,000 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.[9][10] Point72 has its main office in Stamford, Connecticut and there are several satellite offices around the world.[11]

History

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.[12] 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."[13][14]

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.[15] A specialized surveillance unit, composed of ex-CIA, FBI and SEC investigators,[16] 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.[17] During this time, Point72 adopted other software programs designed to bolster internal compliance.[18]

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.[19][20] 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.[11][21][22]

There are satellite offices in New York City, Hong Kong, Tokyo, Singapore, and London.[8][23][24]

References

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