Point72 Asset Management
|Founded||1992 (converted from SAC Capital Advisors in 2014)|
|Founder||Steven A. Cohen|
|Headquarters||Stamford, Connecticut, United States|
|Steven A. Cohen (Chairman, CEO, and President)|
|AUM||$12.4 billion (2018)|
|Owner||Steven A. Cohen|
Number of employees
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. 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. Point72 has its main office in Stamford, Connecticut and there are several satellite offices around the world.
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. 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."
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. A specialized surveillance unit, composed of ex-CIA, FBI and SEC investigators, 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. During this time, Point72 adopted other software programs designed to bolster internal compliance.
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. 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.
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- Goldstein, Matthew (May 6, 2015). "Point72 Hires Ex-Prosecutor as General Counsel". New York Times.
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- Soule, Alexander (April 23, 2015). "Investment "academy" to debut at Point72". Stamford Advocate.
- Shen, Lucinda (March 11, 2016). "Some First-Year Hedge Funders Would Top The Best Paid Jobs List". Fortune.