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 pled guilty to insider trading charges.
![]() | |
Company type | L.P., Private |
---|---|
Industry | Hedge fund[1][2][3] |
Founded | 2014 |
Founder | Steven A. Cohen |
Headquarters | Stamford, Connecticut, United States[4] |
Key people |
|
AUM | US$31.4 billion (as of October 1, 2023)[5] |
Owner | Steven A. Cohen |
Number of employees | 2,800+ (2023)[5] |
Subsidiaries | Everpoint, Cubist Systematic Strategies, Point72 Ventures, Cohen Private Ventures |
In 2018, the company reopened to external investors after a two-year ban and began accepting outside capital.[4] The company's office is located in Stamford, Connecticut.[6]
Point72 was founded in 2014 by Steve Cohen as the successor to SAC Capital, after the firm pled guilty to federal insider trading charges and paid a $1.8 billion fine.[7][8] 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.[9]
In August 2014, Douglas D. Haynes was appointed president and Timothy Shaughnessy was appointed CEO.[10][11] Shaughnessy retired in 2018 and was replaced by Gavin O'Connor, who joined the firm from Goldman Sachs.[12]
There are satellite offices in New York City, West Palm Beach, Palo Alto, Hong Kong, Tokyo, Singapore, London, Paris, Sydney, and Warsaw.[13][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 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] In September 2020, Point72 settled a gender and pay discrimination suit brought by Lauren Bonner, the company’s former Head of Talent Analytics.[31][32]
{{cite web}}
: CS1 maint: multiple names: authors list (link)
{{cite web}}
: CS1 maint: multiple names: authors list (link)