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Point72 Asset Management Bans Electronic Communication That Could Lead To “Confusion And Inaccuracy”By Bess Levin
Point72 Asset Management LP, Steven A. Cohen’s family office and successor to his hedge-fund firm SAC Capital Advisors LP, is banning some of its employees from using instant messaging for external communication after last year agreeing to settle insider trading allegations. “This prohibition of IMs will reduce the highly informal communications inherent with instant messaging that can lead to confusion and inaccuracy, reflecting our continuing commitment to pursue all reasonable steps to prevent inappropriate information from entering the firm,” Chief Surveillance Officer Vincent Tortorella wrote in a memo sent today to the firm’s employees. The policy, effective June 16, applies to money managers, analysts and management in long-short and quantitative strategies and blocks the use of instant messages, or IMs, including Bloomberg messaging, for outside communication, according to the memo, a copy of which was obtained by Bloomberg News.