As some of you may have noticed, over the past couple of years, the hedge fund formerly known as SAC Capital has gone through an extreme makeover. The name was changed from founder Steven A. Cohen's initials to Point72 Asset Management. Senior people who were around during the years in which employees took a more elastic view of securities laws have been replaced, from head of compliance Steven Kessler to president Tom Conheeney. Hallways around HQ now include "lending libraries." The staff is asked for its input on furniture. Instances of Cohen tearing a trader a new a$$hole over losing positions have dropped 26 percent. Point72 Country Day School is now in session.
If you're getting the message-- and you should, because they're laying it on pretty, pretty thick-- it's that SAC v2.0 is a kinder, gentler, 100% law-abiding hedge fund that people like Preet Bharara and Co. don't even need to worry their pretty little heads over. What was once a place that valued making money above literally anything else now puts a higher premium on people and ideas. In fact, if you're thinking of going to work for Point72 out of a desire to make money, think again. They no longer welcome your kind.
Business Insider recently caught up with Mike Butler, head of human resources at Point72 Asset Management — formerly SAC Capital — the $11.4 billion family-office hedge fund led by billionaire Steve Cohen. "When I hear people kind of come back to the financial opportunities too often relative to just the interesting work, that's concerning," Butler said. "If somebody is coming here because they think it's a way to make a lot of money early and retire in their 30s, they're thinking about it wrong." A lot of folks talk about Wall Street generally that way. For many, it's a way to score big and go off and do something else. "When I hear any inkling that's the way somebody is thinking, that's kind of a red flag," Butler said.