Ten out of ten. Four stars. Worthy of a glowing review in the Times by Pete Wells. The greatest hedge fund compliance outfit in the history of hedge funds. All the thumbs up. The Helen of Troy of compliance. These are just some of the ways you might describe Point72 Asset Management's post-SAC Capital compliance operation, according to Point72 Asset Management.
Billionaire Steve Cohen's investment firm, a family office that took over managing his fortune in 2014 after his hedge fund pleaded guilty to securities fraud, has a perfect regulatory compliance record, its president said on Thursday. Point72 Asset Management, which manages about $11 billion and took over after regulators barred Cohen's SAC Capital Advisors from dealing with the public, has had “zero point zero” compliance and regulatory problems, Point72 President Doug Haynes said in an interview. The firm succeeded SAC Capital Advisors, Cohen's hedge fund firm which pleaded guilty to securities fraud in an insider-trading settlement with U.S. regulators that also included a $1.8 billion fine. In an interview with Reuters at Point72's Stamford, Connecticut headquarters, Haynes said the firm's compliance culture goes beyond strict legal parameters. “We have professional standards, and you get fired if you violate them," he said.