Type | L.P., Private |
---|---|
Industry | Hedge fund [1] [2] [3] |
Founded | 2014 |
Founder | Steven A. Cohen |
Headquarters | 72 Cummings Point Road, [4] Stamford, Connecticut, United States [5] |
Key people |
|
AUM | US$31.4 billion (as of October 1, 2023) [6] |
Owner | Steven A. Cohen |
Number of employees | 2,800+ (2023) [6] |
Subsidiaries | Everpoint, Cubist Systematic Strategies, Point72 Ventures, Cohen Private Ventures |
Website | Official website |
Point72 Asset Management, is an American hedge fund. It was founded in 2014 by Steve Cohen, after his previous company S.A.C. Capital Advisors pleaded guilty to insider trading charges.
In 2018, the company reopened to external investors after a two-year ban and began accepting outside capital. [5] The company's office is located in Stamford, Connecticut. [7]
Point72 was founded in 2014 by Steve Cohen as the successor to SAC Capital, after the firm pleaded guilty to federal insider trading charges and paid a $1.8 billion fine. [8] [9] In March 2014, SAC Capital transferred the bulk of its assets to Point72 and was placed in "run-off," or a winding down of its operations.
Vincent Tortorella was hired as chief surveillance officer, and Kevin J. O’Connor, was hired as an in-house attorney. [10]
In August 2014, Douglas D. Haynes was appointed president and Timothy Shaughnessy was appointed CEO. [11] [12] Shaughnessy retired in 2018 and was replaced by Gavin O'Connor, who joined the firm from Goldman Sachs. [13]
There are satellite offices in New York City, Hong Kong, Tokyo, Singapore, London, Paris, Sydney, Warsaw and Palo Alto. [14]
In August 2020 the firm closed to new money with just over $17 billion under management. [15] [16] [17]
In January 2021, along with Ken Griffin's Citadel Investments, Point72 contributed $750 million to a $2.75 billion emergency bailout of Melvin Capital, a hedge fund that had incurred deep losses in the GameStop short squeeze; [18] [19] [20] Melvin Capital is run by Gabe Plotkin, a former protégé of Steven Cohen and one of the managers of SAC whose trades were investigated by the SEC. [21] [18] [22] [23] In the first half of 2021, Point72 was reported to have lost $500 million on its investment in Melvin Capital. [24]
The New York Times reported that Point72 President Douglas D. Haynes who was hired as managing director for human capital and then became President resigned in March 2018 "amid [a] gender bias lawsuit" and was replaced as president by Cohen. [25] [26]
The firm has faced multiple lawsuits from employees alleging gender and pay discrimination. [27] [28] [29] [30] [31] [32] [ excessive citations ] In September 2020 Point72 settled a gender/pay discrimination suit brought by Lauren Bonner the former Head of Talent Analytics. [33] [34]
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Steven A. Cohen is an American hedge fund manager and owner of the New York Mets of Major League Baseball since September 14, 2020, owning roughly 97.2% of the team. He is the founder of hedge fund Point72 Asset Management and S.A.C. Capital Advisors, which closed after pleading guilty to insider trading and other financial crimes.
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SAC Capital Advisors was a group of hedge funds founded by Steven A. Cohen in 1992. The firm employed approximately 800 people in 2010 across its offices located in Stamford, Connecticut and New York City, and various offices. It reportedly lost many of its traders in the wake of various investigations by the Securities and Exchange Commission (SEC). In 2010, the SEC opened an insider trading investigation of SAC and in 2013 several former employees were indicted by the U.S. Department of Justice. In November 2013, the firm itself pleaded guilty to insider trading charges and paid $1.2 billion in penalties. The firm shrank after returning the vast majority of its outside investor capital. Point72 Asset Management was established as a separate family office in 2014. SAC ceased to exist as a separate entity in 2016.
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