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Point72 Asset Management Hoping The Right Profile Picture Will Wash Off The "Residue" of SAC Capital

Retweets and likes would help too, if you're offering.
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By OnceaMetro (Own work) [CC BY-SA 3.0], via Wikimedia Commons

OnceaMetro, via Wikimedia Commons

Once upon a time, there was a hedge fund named SAC Capital. It was known as a place that made gobs and gobs of money, but also where the guy in charge would subject employees to colonoscopies via his foot if they lost him a dime; where portfolio managers who hesitated when answering the boss were asked "Do you even know how to do this f*cking job?"; and where having been part of an "insider trading group" at one's last job was not an impediment to receiving an offer of employment.

Now, following a series of unfortunate run-ins with the government, a bunch of securities fraud convictions (with at least one of them sticking!), and a check for $1.8 billion, there is Point72 Asset Management. While it inhabits the same place in Stamford SAC once did, it is different in virtually every way. There's a lending library in the hallway; the staff is asked for its input on furniture; working at a firm under investigation takes one out of the running for a gig; instances of the boss sticking his foot up someone's a$$ have gone down 96%.

But it takes time and effort to change the public's perception and that's where a profile picture that says "I'm a chill laid back hedge fund" and Linkedin endorsements come in.

“Steve Cohen’s brand was hurt a lot during the insider trading investigations, and he is working very hard to improve his image,” said Don Steinbrugge, founder of Agecroft Partners in Richmond, Virginia...Point72 is now marketing itself in a more public fashion, as part of efforts tooverhaul the SAC image. After first setting up a website in February 2015, Point72 has since April been honing its presence on LinkedIn, Facebook, Google+, Glassdoor and soon Twitter...“There was persistent residue of the idea that we are a cut-throat culture,” said Point72 spokesman Mark Herr. “The good news is the reputation is getting better.”

An official SnapChat account and a weekly takeover by Steve, making ample use of the puppy filter, also seems like it'd be a huge step in the right direction.


Kinder, Friendlier Point72 Asset Management Asks Employees "How Do You Feel About This Chaise?"

The hedge fund formerly known as SAC Capital is nice now, so employees get to...weigh in on decor decisions.