Point72 Asset Management

dugout1Last week, after spending a mere 4 months with the firm, an executive named Scott Braunstein decided his time at Point72 Asset Management (AKA SAC Capital 2.0) had run its course. Somehow, that news and a request for comment by Bloomberg resulted in this statement: Read more »

steve cohenAt some point last year, after he had settled insider trading charges against his firm, the hedge fund formerly known as SAC Capital, Steve Cohen began exhibiting signs of man who felt, if not contrite, than contrite-lite. He agreed to rename his company, stripping his initials from all letterhead, fleece, and signage. He started paying employees to not commit securities fraud. And, most significantly, he agreed to only manage the money of people related to him by blood or marriage, returning billions of dollars to investors, and kissing a whole lot of would-be fees good-bye.

But now? Possibly/probably emboldened by the December appeals court ruling that knocked his No. 2 nemesis, Preet Baharara, down several pegs and officially made it harder for prosecutors to convict people of insider trading? He’s all but finished playing the part of a guy who feels bad about running a firm described as a “veritable magnet for market cheaters.” Not only is he no longer taking orders from Preet, the Feds, of the SEC, but he’s thinking maybe it’s about time he started giving them out. Read more »

Sly fox.Now that certain formerly lucrative strategies have been declared not kosher—for now—the former SAC Capital Advisors is looking for some new edge, preferably on the lighter side of the gray area. Like perhaps a multi-strategy fund with a value bias, which provides an opportunity for SAC’s crack naming department to do a little better than it did last time around. Read more »

point72 asset management Over the last several years, as nearly a dozen former SAC Capital employees have been convicted of securities violations, the firm has taken many steps to redefine its image, from one of a bastion of insider trading to one where such actions are not only frowned upon but strictly prohibited. Such steps include but are not limited to: paying over $1 billion in fines; changing its name; and turning itself into a family office. Last month, Point72 Asset Management, AKA the hedge fund formerly known as SAC, even went so far as to announce that it would be monetarily compensating employees for “setting a proper tone and example on compliance and doing the right thing.” You’d think that all of these things– including the fact that a whole bunch of ex-SAC employees are doing time– would go far to deter people currently working at the hedge fund from engaging in insider trading. And yet, someone in Stamford apparently thought it was necessary still to take away one final temptation from them. Read more »

Steve Cohen Forced To Pretend He Needs Help With Stuff

Does this look like someone who needs an advisory board?A few months ago, Steve Cohen brought Doug Haynes in to run his world-class family office, replacing the long-suffering Tom Conheeney. And even though he had just taken over a **wink, wink** family office, Doug just couldn’t help himself: He wants to be president of the best goddamned asset management entity on God’s green earth, he allowed.

Well, even when you’re perhaps the biggest family office on that earth in terms of employees, all of whom can invest san blood-or-marital relations to Clan Cohen, it’s hard to be the premier asset manager in the world when you’re managing money for so few people, only one of whom really has got a lot of scratch. So someone, perhaps, had an idea: Let’s create some new, extremely well-heeled “employees” who can drop by for coffee a couple of times a year and maybe throw nine or 10 figures our way. You know, just to grease the machine until we can get out from under this trading-for-other-people interdict. We’ll call it an advisory board. Read more »

Told you I was good for it.Courtesy of Big Steve and your friends at SAC Capital Advisors Point72 Asset Management, via the SEC and the federal courts. Read more »

  • 16 Oct 2014 at 2:36 PM

Steve Cohen Makes Money For Steve Cohen

Point72 Asset Management, AKA the hedge fund formerly known as SAC Capital, whose largest client by far is a guy who answers to the name Steve Cohen, has turned in some pretty decent performance so far this year, despite a series of events that have led it to do stuff like, among other things, monetarily compensate employees for staying on the right side of the law. Read more »

Time was, the unofficial policy at (the hedge fund formerly known as) SAC Capital was that one could earn a pretty penny come bonus season if one made the firm a ton of money, and if that money happened to be made through material non-public information well…whatyougonnado? At SAC Capital 2.0 AKA Point72 Asset Management, however, insider trading is not only frowned upon, it’s both officially and unofficially a bad idea and one that could cost you big time on payday (though one would obviously be fired before that, unless payday is the day they get caught).

But just because the company handbook has been rewritten, or Steve Cohen has held a town hall where the words “If we catch you insider trading, I’ll stick my hand down your throat and rip out your spleen” have exited his mouth, or the hedge fund’s propriety trading software has been rewired so that a cartoon Cohen pops up on the screen and says “Remember, I can make it look like an accident” before any trades are placed, doesn’t mean that people can change their ways in a day. Old habits die hard, particularly at a place where those old habits could score you 8 figures a year.

Which is presumably why* someone at Point72 came up with this: Read more »