Time To Dust Off That Old SAC Fleece?

Steve Cohen rises!
Author:
Updated:
Original:

Patiently waiting in storage.

There’s plenty to celebrate at 72 Cummings Point Road these days, and the Big Guy? Yeah, he’s celebrating. In fact, to mark the latest humiliation for number two on his shit list, second only to his ex-wife, he’s reopening his London office, with the new subsidiary tentatively known as “F-You Preet Bharara Advisors (UK).” For now, SAC vet Stanislas de Caumont is the front-runner to lead the new operation, but Michael Steinberg is available again, too.

Mr. de Caumont, who has been working at Balyasny Asset Management’s London office since the start of last year, told The Wall Street Journal that he had left Balyasny and would rejoin Mr. Cohen’s firm.

SAC closed its London office in 2013 as part of a wider restructuring after a landmark agreement to plead guilty to insider-trading charges in the U.S. It also agreed to pay $1.8 billion in penalties and stop managing money for outside clients.

With everything going Point72’s way, it’s only a matter of time before the not-quite-the-magnet-for-market-cheaters-certain-U.S.-Attorneys-said-we-were can throw off this family office charade and begin to once again make money for the Ed Butowskys of the world—just as President Doug Haynes prophesied. And not that he’s wishing ill on anyone, but Dougie sees some primo opportunities coming to “the industry’s premier asset management firm.”

Doug Haynes, president of Point72 Asset Management, the firm that manages the fortune of billionaire Steven A. Cohen, said there could be more closures and money pulled out of the hedge fund business. “The cost of being excellent in the industry keeps going up,” Haynes said in an interview clip on the television program “Wall Street Week,” which airs on Sunday…“I think if you look forward, it’s not an easy place,” according to Haynes, citing increased competition and rising costs for data, regulatory compliance and top employees.

Not that old Point72 has anything to worry about on that score.

In the “Wall Street Week” interview, Haynes called his firm’s culture “independent but collaborative,” contrary to its cutthroat image. Involuntary turnover is well below 10 percent for money managers at Point72 and less than 5 percent for analysts, compared with the industry averages of about 20 percent, he said. The firm oversees about $11 billion.

Halt those fleece auctions- he's comin' back, baby!

Steven Cohen’s Firm in Talks to Rehire Fund Manager [WSJ]
Point72’s Haynes Says ‘Cost of Being Excellent’ Keeps Going Up [Bloomberg]

Related