Point72 Asset Management

Last updated
Point72 Asset Management
Company type L.P., Private
Industry Hedge fund [1] [2] [3]
Founded2014
Founder Steven A. Cohen
Headquarters Stamford, Connecticut, United States [4]
Key people
  • Steven A. Cohen (Chairman, CEO, and President)
  • Mark Brubaker (Chief Technology Officer)
  • Harry Schwefel (Co-CIO)
AUM US$31.4 billion
(as of October 1, 2023) [5]
Owner Steven A. Cohen
Number of employees
2,800+ (2023) [5]
Subsidiaries Everpoint, Cubist Systematic Strategies, Point72 Ventures, Cohen Private Ventures

Point72 Asset Management is an American hedge fund. It was founded in 2014 by Steve Cohen, after his previous company S.A.C. Capital Advisors pled guilty to insider trading charges.

Contents

In 2018, the company reopened to external investors after a two-year ban and began accepting outside capital. [4] The company's office is located in Stamford, Connecticut. [6]

History

2014 to 2019

Point72 was founded in 2014 by Steve Cohen as the successor to SAC Capital, after the firm pled guilty to federal insider trading charges and paid a $1.8 billion fine. [7] [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.

Vincent Tortorella was hired as chief surveillance officer, and Kevin J. O’Connor was hired as an in-house attorney. [9]

In August 2014, Douglas D. Haynes was appointed president and Timothy Shaughnessy was appointed CEO. [10] [11] Shaughnessy retired in 2018 and was replaced by Gavin O'Connor, who joined the firm from Goldman Sachs. [12]

There are satellite offices in New York City, West Palm Beach, Palo Alto, Hong Kong, Tokyo, Singapore, London, Paris, Sydney, and Warsaw. [13] [14]

2020 to present

In August 2020, the firm closed to new money with just over $17 billion under management. [15] [16] [17]

In January 2021, along with Ken Griffin's Citadel Investments, Point72 contributed $750 million to a $2.75 billion emergency bailout of Melvin Capital, a hedge fund that had incurred deep losses in the GameStop short squeeze; [18] [19] [20] Melvin Capital is run by Gabe Plotkin, a former protégé of Steven Cohen and one of the managers of SAC whose trades were investigated by the SEC. [21] [18] [22] [23] In the first half of 2021, Point72 was reported to have lost $500 million on its investment in Melvin Capital. [24]

Gender bias lawsuits

The New York Times reported that Haynes, who was hired as managing director for human capital and then became president, resigned in March 2018 "amid [a] gender bias lawsuit" and was replaced as president by Cohen. [25] [26]

The firm has faced multiple lawsuits from employees alleging gender and pay discrimination. [27] [28] [29] [30] In September 2020, Point72 settled a gender and pay discrimination suit brought by Lauren Bonner, the company’s former Head of Talent Analytics. [31] [32]

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References

  1. ↑ Kishan, Saijel (October 22, 2015). "Point72's Haynes Says 'Cost of Being Excellent' Keeps Going Up". Bloomberg. Archived from the original on January 11, 2016. Retrieved January 7, 2016.
  2. ↑ point72.com. Homepage Archived 2016-03-05 at the Wayback Machine . Accessed 2016-03-01.
  3. ↑ Kate Kelly. The second coming of Steven Cohen Archived 2017-10-21 at the Wayback Machine . CNBC. 2016-01-11. Accessed 2016-03-01.
  4. 1 2 Goldstein, Matthew; Kate, Kelly (25 December 2017). "Steven Cohen Plans a New Hedge Fund. Investors Are Wary". New York Times. No. Business. New York, N.Y., United States. The New York Times Company. p. B1. Archived from the original on 27 May 2019. Retrieved 12 June 2019.
  5. 1 2 "About72" . United States. Archived from the original on 2022-05-14. Retrieved 2022-05-14.
  6. ↑ Foxman, Simone (March 10, 2015). "Cohen's Firm said to hire 30 seeking edge in public data". Bloomberg. Archived from the original on 2017-02-25. Retrieved 2017-03-11.
  7. ↑ "Steven A. Cohen - Point72 Asset Management". Point72 Asset Management. Archived from the original on 2017-04-28. Retrieved 2017-04-27.
  8. ↑ Protess, Ben; Lattman, Peter (4 November 2013). "After a Decade, SAC Capital Blinks". New York Times. No. DealBook. New York, N.Y., United States. The New York Times Company. p. B1. Archived from the original on 6 November 2013. Retrieved 6 November 2013.
  9. ↑ Burton, Katherine (April 8, 2014). "Cohen hires Tortorella as Surveillance Chief for Point72". Bloomberg. Archived from the original on 2016-04-10. Retrieved 2017-03-11.
  10. ↑ Goldstein, Matthew (6 May 2015). "Point72 Hires Ex-Prosecutor as General Counsel". New York Times. No. DealBook. New York, N.Y., United States. The New York Times Company. p. B9. Archived from the original on 6 December 2019. Retrieved 6 December 2019.
  11. ↑ Burton, Katherine (May 20, 2015). "IBM's O'Shaughnessy Hired as COO by Point72". Bloomberg. Archived from the original on 2016-03-25. Retrieved 2017-03-11.
  12. ↑ Hall, Phil (September 20, 2018). "Two new executives named at Point72". Daily Voice. Archived from the original on April 16, 2019. Retrieved April 24, 2019.
  13. ↑ Shapiro, Jonathan (January 25, 2019). "Why Point72, one of the world's top hedge funds, is setting up in Sydney". Financial Review. Archived from the original on April 16, 2019. Retrieved April 24, 2019.
  14. ↑ "JPMorgan Joins Goldman, Point72 at West Palm Beach Office Tower". Bloomberg. Retrieved 2024-06-19.
  15. ↑ Picker, Leslie (Jul 30, 2020). "Steve Cohen's Point72 closing to new money". CNBC. Archived from the original on August 11, 2020.
  16. ↑ McDonald, Michael (July 29, 2020). "Steve Cohen's Point72 Closing to New Money After Raising $10 Billion". Bloomberg. Archived from the original on 2020-09-25.
  17. ↑ "Point72 closing to new money after raising $10 billion". Pensions & Investments. 2020-07-30. Archived from the original on 2020-09-15. Retrieved 2020-09-03.
  18. 1 2 "Citadel, Point72 Back Melvin With $2.75 Billion After Losses". Bloomberg. January 25, 2021.
  19. ↑ "Steve Cohen's Point72 Raises $1.5 Billion After Melvin Capital Infusion". Bloomberg. February 2, 2021.
  20. ↑ GmbH, finanzen net. "Steve Cohen's Point72 raises $1.5 billion after supporting Melvin Capital during the GameStop saga, report says". markets.businessinsider.com. Retrieved 2021-07-12.
  21. ↑ Chung, Juliet (2021-01-25). "WSJ News Exclusive | Citadel, Point72 to Invest $2.75 Billion Into Melvin Capital Management". Wall Street Journal. ISSN   0099-9660 . Retrieved 2021-07-12.
  22. ↑ "SAC's top consumer trader draws scrutiny from U.S. authorities". Reuters. 2012-12-19. Retrieved 2021-07-12.
  23. ↑ Fletcher, Laurence (2021-06-22). "Hedge fund that bet against GameStop shuts down". www.ft.com. Archived from the original on 2022-12-11. Retrieved 2021-07-12.
  24. ↑ Burton, Parmar, and Kumar, Katherine, Hema, and Nishant (July 9, 2021). "Steve Cohen's Bet on Melvin Leaves Point72 Trailing Hedge-Fund Peers". Bloomberg.{{cite web}}: CS1 maint: multiple names: authors list (link)
  25. ↑ Goldstein, Matthew; Silver-Greenberg, Jessica (17 March 2018). "President of Steven Cohen's Investment Firm Quits Amid Gender Bias Lawsuit". New York Times. New York, N.Y., United States. The New York Times Company. p. A19. Archived from the original on 28 May 2020. Retrieved 6 December 2019.
  26. ↑ English, Carleton; DeGregory, Priscilla (2019-07-03). "Hedgie claims misogyny accusations made him 'unemployable'". New York Post. Archived from the original on 2020-10-20. Retrieved 2020-09-03.
  27. ↑ Zweben, Leslie Picker, Dawn Giel, Jen (2018-06-11). "The woman suing Point72 and Steve Cohen speaks out about alleged gender and pay discrimination". CNBC. Archived from the original on 2020-08-31. Retrieved 2020-09-03.{{cite web}}: CS1 maint: multiple names: authors list (link)
  28. ↑ Schott, Paul (2018-10-02). "Point72 gender-discrimination lawsuit moves to arbitration". StamfordAdvocate. Archived from the original on 2020-08-14. Retrieved 2020-09-03.
  29. ↑ Schott, Paul (2019-10-13). "Point72 discrimination case clouded by uncertainty". CTInsider.com. Archived from the original on 2019-11-02. Retrieved 2020-09-03.
  30. ↑ "Wigdor LLP Files Gender Discrimination Lawsuit Against Point72". Wigdor LLP. 2018-02-13. Retrieved 2020-09-03.
  31. ↑ Chung, Juliet (2020-09-17). "Steve Cohen's Point72 Settles With Female Employee in Gender Discrimination Arbitration". Wall Street Journal. ISSN   0099-9660. Archived from the original on 2020-09-18. Retrieved 2020-09-18.
  32. ↑ Goldstein, Matthew (2020-09-18). "As Steve Cohen Closes In on Mets, Discrimination Claims Cast a Shadow". The New York Times. ISSN   0362-4331. Archived from the original on 2020-09-19. Retrieved 2020-09-19.
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