As you’ve probably heard by now, the upper echelons of SAC Capital management have selected a new name for the firm and its sub-units as part of an effort to close the insider trading/government cavity search chapter of its history and begin anew (next month). They’ve gone with Point72 Asset Management, inspired by the firm’s Stamford address (72 Cummings Point Road) and honestly? We’re not loving it. What was once a name that evoked confidence, excitement, and yes, fear, all in equal measures, now brings to mind a Kia. What could have been “King of Diamonds Capital Management” is now directions once you get off 95.
There is, however, a small glimmer of hope, buried beneath Point72 and EverPoint and all of the other points and the off brand “Cubist Systematic Strategies.”1 To his secretive2 “personal investments,” the great man will continue to lend his name. Read more »
Over at the Journal today you will find a highly disturbing report: as the firm begins the process of converting into a family office, “SAC, which took the initials of its founder, Steven A.Cohen, has also had internal discussions about whether to change its name, in part to forge a new identity following its legal battles.” Read more »
As we have previously discussed, the renaming of the NYSE, post Deutsche Börse merger, is a delicate dance in which lots of people must be made happy. Though the Germans will own 60 percent of the company, many in New York are preemptively apoplectic over the notion of DB getting top billing. Chuck Schumer, for instance, has stated that he will handcuff himself to Maria Bartiromo’s desk in the event his town doesn’t come first (a threat NYSE chief exec Duncan Niederauer took seriously, by stating “DB NYSE” will not be an option). What to do? Hire a special task force and give everyone who wants it an opportunity to put in his/her two cents. Read more »
Senator Chuck Schumer just appeared on CNBC to discuss the Deutsche Boerse and NYSE Euronext deal. His thoughts? He likes it, assuming the New York name comes first, otherwise he’s going to handcuff himself to Maria Bartiromo’s desk until it happens. Read more »