Point72 Asset Management
{{Short description|American hedge fund}}
{{Infobox company
| name = Point72 Asset Management
| logo = File:Point72logo.png
| type = L.P., Private
| founder = Steven A. Cohen
| key_people = {{unbulleted list|Steven A. Cohen (Chairman, CEO, and President)|Mark Brubaker (Chief Technology Officer)|Harry Schwefel (Co-CIO)}}
| industry = Hedge fund{{cite news |title=Point72's Haynes Says 'Cost of Being Excellent' Keeps Going Up |first=Saijel |last=Kishan |date=October 22, 2015 |work=Bloomberg |url=https://www.bloomberg.com/news/articles/2015-10-22/point72-s-haynes-says-cost-of-being-excellent-keeps-going-up |access-date=January 7, 2016 |archive-date=January 11, 2016 |archive-url=https://web.archive.org/web/20160111132814/http://www.bloomberg.com/news/articles/2015-10-22/point72-s-haynes-says-cost-of-being-excellent-keeps-going-up |url-status=live }}point72.com. [https://www.point72.com/ Homepage] {{Webarchive|url=https://web.archive.org/web/20160305215116/https://www.point72.com/ |date=2016-03-05 }}. Accessed 2016-03-01.Kate Kelly. [https://www.cnbc.com/2016/01/11/the-second-coming-of-steven-cohen.html The second coming of Steven Cohen] {{Webarchive|url=https://web.archive.org/web/20171021225626/https://www.cnbc.com/2016/01/11/the-second-coming-of-steven-cohen.html |date=2017-10-21 }}. CNBC. 2016-01-11. Accessed 2016-03-01.
| aum = {{US$|36.9 billion|link=yes}}
(as of March 26, 2025){{cite news|title=About72|url=https://www.point72.com/about/|location=United States|language=en|url-access=limited|access-date=2022-05-14|archive-date=2022-05-14|archive-url=https://web.archive.org/web/20220514235226/https://www.point72.com/about/|url-status=live}}
| owner = Steven A. Cohen
| num_employees = 2,800+ (2023)
| foundation = 2014
| location = Stamford, Connecticut, United States{{cite news|last1=Goldstein|first1=Matthew|last2=Kate|first2=Kelly|title=Steven Cohen Plans a New Hedge Fund. Investors Are Wary.|url=https://www.nytimes.com/2017/12/25/business/steven-cohen-sac-hedge-funds.html|access-date=12 June 2019|agency=The New York Times Company|issue=Business|page=B1|work=New York Times|date=25 December 2017|location=New York, N.Y., United States|language=en|archive-date=27 May 2019|archive-url=https://web.archive.org/web/20190527120628/https://www.nytimes.com/2017/12/25/business/steven-cohen-sac-hedge-funds.html|url-status=live}}
| subsid = Everpoint, Cubist Systematic Strategies, Point72 Ventures, Cohen Private Ventures
| website = {{URL|https://point72.com}}
}}
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.
In 2018, the company reopened to external investors after a two-year ban and began accepting outside capital. The company's office is located in Stamford, Connecticut.{{cite news |title=Cohen's Firm said to hire 30 seeking edge in public data |first=Simone |last=Foxman |date=March 10, 2015 |work=Bloomberg |url=https://www.bloomberg.com/news/articles/2015-03-10/cohen-s-firm-said-to-hire-30-seeking-edge-in-public-data |access-date=2017-03-11 |archive-date=2017-02-25 |archive-url=https://web.archive.org/web/20170225081835/https://www.bloomberg.com/news/articles/2015-03-10/cohen-s-firm-said-to-hire-30-seeking-edge-in-public-data |url-status=live }}
History
= 2014 to 2019 =
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.{{Cite news|url=https://www.point72.com/leadership/steven-a-cohen/|title=Steven A. Cohen - Point72 Asset Management|work=Point72 Asset Management|access-date=2017-04-27|language=en-US|archive-date=2017-04-28|archive-url=https://web.archive.org/web/20170428050843/https://www.point72.com/leadership/steven-a-cohen/|url-status=live}}{{cite news|last1=Protess|first1=Ben|last2=Lattman|first2=Peter|title=After a Decade, SAC Capital Blinks|url=https://dealbook.nytimes.com/2013/11/04/after-a-decade-sac-capital-blinks/|access-date=6 November 2013|agency=The New York Times Company|issue=DealBook|page=B1|work=New York Times|date=4 November 2013|location=New York, N.Y., United States|language=en|archive-date=6 November 2013|archive-url=https://web.archive.org/web/20131106004334/http://dealbook.nytimes.com/2013/11/04/after-a-decade-sac-capital-blinks/|url-status=live}} 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.{{cite news |title=Cohen hires Tortorella as Surveillance Chief for Point72 |first=Katherine |last=Burton |date=April 8, 2014 |work=Bloomberg |url=https://www.bloomberg.com/news/articles/2014-04-08/cohen-hires-tortorella-as-surveillance-chief-for-point72 |access-date=2017-03-11 |archive-date=2016-04-10 |archive-url=https://web.archive.org/web/20160410004851/http://www.bloomberg.com/news/articles/2014-04-08/cohen-hires-tortorella-as-surveillance-chief-for-point72 |url-status=live }}
In August 2014, Douglas D. Haynes was appointed president and Timothy Shaughnessy was appointed CEO.{{cite news|last1=Goldstein|first1=Matthew|title=Point72 Hires Ex-Prosecutor as General Counsel|url=https://www.nytimes.com/2015/05/07/business/dealbook/point72-hires-ex-prosecutor-as-general-counsel.html|access-date=6 December 2019|agency=The New York Times Company|issue=DealBook|page=B9|work=New York Times|date=6 May 2015|location=New York, N.Y., United States|language=en|archive-date=6 December 2019|archive-url=https://web.archive.org/web/20191206163007/https://www.nytimes.com/2015/05/07/business/dealbook/point72-hires-ex-prosecutor-as-general-counsel.html|url-status=live}}{{cite news |title=IBM's O'Shaughnessy Hired as COO by Point72 |first=Katherine |last=Burton |date=May 20, 2015 |work=Bloomberg |url=https://www.bloomberg.com/news/videos/2015-05-20/ibm-s-shaughnessy-hired-as-ceo-by-point72 |access-date=2017-03-11 |archive-date=2016-03-25 |archive-url=https://web.archive.org/web/20160325101900/http://www.bloomberg.com/news/videos/2015-05-20/ibm-s-shaughnessy-hired-as-ceo-by-point72 |url-status=live }} Shaughnessy retired in 2018 and was replaced by Gavin O'Connor, who joined the firm from Goldman Sachs.{{cite news|title=Two new executives named at Point72|first=Phil|last=Hall|date=September 20, 2018|work=Daily Voice|url=https://dailyvoiceplus.com/fairfield/fairfield-business-journal/fairfield/two-new-executives-named-at-point72/751660/|access-date=April 24, 2019|archive-date=April 16, 2019|archive-url=https://web.archive.org/web/20190416004840/https://dailyvoiceplus.com/fairfield/fairfield-business-journal/fairfield/two-new-executives-named-at-point72/751660/|url-status=live}}
There are satellite offices in New York City, West Palm Beach, Palo Alto, Hong Kong, Tokyo, Singapore, London, Paris, Sydney, and Warsaw.{{cite news | title=Why Point72, one of the world's top hedge funds, is setting up in Sydney | first=Jonathan | last=Shapiro | date=January 25, 2019 | work=Financial Review | url=https://www.afr.com/business/banking-and-finance/hedge-funds/why-point72-one-of-the-worlds-top-hedge-funds-is-setting-up-in-sydney-20190125-h1agsj#logout | access-date=April 24, 2019 | archive-date=April 16, 2019 | archive-url=https://web.archive.org/web/20190416003336/https://www.afr.com/business/banking-and-finance/hedge-funds/why-point72-one-of-the-worlds-top-hedge-funds-is-setting-up-in-sydney-20190125-h1agsj#logout | url-status=live }}{{Cite web |title=JPMorgan Joins Goldman, Point72 at West Palm Beach Office Tower |url=https://www.bloomberg.com/news/articles/2024-05-17/jpmorgan-joins-goldman-point72-at-west-palm-beach-office-tower |access-date=2024-06-19 |website=Bloomberg}}
= 2020 to present =
In August 2020, the firm closed to new money with just over $17 billion under management.{{Cite news|last=Picker|first=Leslie|date=Jul 30, 2020|title=Steve Cohen's Point72 closing to new money|work=CNBC|url=https://www.cnbc.com/video/2020/07/30/steve-cohens-point72-closing-to-new-money.html|url-status=live|archive-url=https://web.archive.org/web/20200811173411/https://www.cnbc.com/video/2020/07/30/steve-cohens-point72-closing-to-new-money.html|archive-date=August 11, 2020}}{{Cite news|last=McDonald|first=Michael|date=July 29, 2020|title=Steve Cohen's Point72 Closing to New Money After Raising $10 Billion|work=Bloomberg|url=https://www.bloomberg.com/news/articles/2020-07-29/cohen-s-point72-closing-to-new-money-after-raising-10-billion|url-status=live|archive-date=2020-09-25|archive-url=https://web.archive.org/web/20200925090436/https://www.bloomberg.com/news/articles/2020-07-29/cohen-s-point72-closing-to-new-money-after-raising-10-billion}}{{Cite web|date=2020-07-30|title=Point72 closing to new money after raising $10 billion|url=https://www.pionline.com/hedge-funds/point72-closing-new-money-after-raising-10-billion|access-date=2020-09-03|website=Pensions & Investments|language=en|archive-date=2020-09-15|archive-url=https://web.archive.org/web/20200915134752/https://www.pionline.com/hedge-funds/point72-closing-new-money-after-raising-10-billion|url-status=live}}
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;{{Cite web|date=January 25, 2021|title=Citadel, Point72 Back Melvin With $2.75 Billion After Losses|url=https://www.bloomberg.com/news/articles/2021-01-25/citadel-point72-to-invest-275-billion-in-melvin-capital|website=Bloomberg}}{{Cite web|date=February 2, 2021|title=Steve Cohen's Point72 Raises $1.5 Billion After Melvin Capital Infusion|url=https://www.bloomberg.com/news/articles/2021-02-02/cohen-s-point72-raises-1-5-billion-after-melvin-infusion|website=Bloomberg}}{{Cite web|last=GmbH|first=finanzen net|title=Steve Cohen's Point72 raises $1.5 billion after supporting Melvin Capital during the GameStop saga, report says|url=https://www.businessinsider.com/steve-cohen-point72-raises-money-gamestop-saga-melvin-capital-2021-2|access-date=2021-07-12|website=markets.businessinsider.com|language=en}} 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.{{Cite news|last=Chung|first=Juliet|date=2021-01-25|title=WSJ News Exclusive {{!}} Citadel, Point72 to Invest $2.75 Billion Into Melvin Capital Management|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/citadel-point72-to-invest-2-75-billion-into-melvin-capital-management-11611604340|access-date=2021-07-12|issn=0099-9660}}{{Cite news|date=2012-12-19|title=SAC's top consumer trader draws scrutiny from U.S. authorities|language=en|work=Reuters|url=https://www.reuters.com/article/saccapital-probe-trader-idUSL1E8NIBA420121219|access-date=2021-07-12}}{{Cite web|last=Fletcher|first=Laurence|date=2021-06-22|title=Hedge fund that bet against GameStop shuts down|url=https://www.ft.com/content/397bdbe9-f257-4ca6-b600-1756804517b6 |archive-url=https://ghostarchive.org/archive/JEWwT |archive-date=2022-12-11 |url-access=subscription|access-date=2021-07-12|website=www.ft.com|language=en-GB}} In the first half of 2021, Point72 was reported to have lost $500 million on its investment in Melvin Capital.{{Cite web|last=Burton, Parmar, and Kumar|first=Katherine, Hema, and Nishant|date=July 9, 2021|title=Steve Cohen's Bet on Melvin Leaves Point72 Trailing Hedge-Fund Peers|url=https://www.bloomberg.com/news/articles/2021-07-09/cohen-s-bet-on-melvin-leaves-point72-trailing-hedge-fund-peers|website=Bloomberg}}
Gender bias lawsuits
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.{{cite news|last1=Goldstein|first1=Matthew|last2=Silver-Greenberg|first2=Jessica|title=President of Steven Cohen's Investment Firm Quits Amid Gender Bias Lawsuit|url=https://www.nytimes.com/2018/03/17/business/point72-douglas-haynes-steven-cohen.html|access-date=6 December 2019|agency=The New York Times Company|page=A19|work=New York Times|date=17 March 2018|location=New York, N.Y., United States|language=en|archive-date=28 May 2020|archive-url=https://web.archive.org/web/20200528004029/https://www.nytimes.com/2018/03/17/business/point72-douglas-haynes-steven-cohen.html|url-status=live}}{{Cite web|last1=English|first1=Carleton|last2=DeGregory|first2=Priscilla|date=2019-07-03|title=Hedgie claims misogyny accusations made him 'unemployable'|url=https://nypost.com/2019/07/03/hedgie-claims-misogyny-accusations-made-him-unemployable/|access-date=2020-09-03|website=New York Post|language=en-US|archive-date=2020-10-20|archive-url=https://web.archive.org/web/20201020173833/https://nypost.com/2019/07/03/hedgie-claims-misogyny-accusations-made-him-unemployable/|url-status=live}}
The firm has faced multiple lawsuits from employees alleging gender and pay discrimination.{{Cite web|last=Zweben|first=Leslie Picker, Dawn Giel, Jen|date=2018-06-11|title=The woman suing Point72 and Steve Cohen speaks out about alleged gender and pay discrimination|url=https://www.cnbc.com/2018/06/11/the-woman-suing-point72-and-steve-cohen-for-gender-and-pay-discrimination-speaks-out.html|access-date=2020-09-03|website=CNBC|language=en|archive-date=2020-08-31|archive-url=https://web.archive.org/web/20200831023241/https://www.cnbc.com/2018/06/11/the-woman-suing-point72-and-steve-cohen-for-gender-and-pay-discrimination-speaks-out.html|url-status=live}}{{Cite web|last=Schott|first=Paul|date=2018-10-02|title=Point72 gender-discrimination lawsuit moves to arbitration|url=https://www.stamfordadvocate.com/business/article/Point72-gender-discrimination-lawsuit-moves-to-13275264.php|access-date=2020-09-03|website=StamfordAdvocate|archive-date=2020-08-14|archive-url=https://web.archive.org/web/20200814033130/https://www.stamfordadvocate.com/business/article/Point72-gender-discrimination-lawsuit-moves-to-13275264.php|url-status=live}}{{Cite web|last=Schott|first=Paul|date=2019-10-13|title=Point72 discrimination case clouded by uncertainty|url=https://www.ctinsider.com/business/stamfordadvocate/article/Point72-discrimination-case-clouded-by-uncertainty-14515661.php|access-date=2020-09-03|website=CTInsider.com|language=en-US|archive-date=2019-11-02|archive-url=https://web.archive.org/web/20191102110217/https://www.ctinsider.com/business/stamfordadvocate/article/Point72-discrimination-case-clouded-by-uncertainty-14515661.php|url-status=live}}{{Cite web|date=2018-02-13|title=Wigdor LLP Files Gender Discrimination Lawsuit Against Point72|url=https://www.wigdorlaw.com/point-72-steven-cohen-gender-discrimination-lawsuit/|access-date=2020-09-03|website=Wigdor LLP|language=en-US}} In September 2020, Point72 settled a gender and pay discrimination suit brought by Lauren Bonner, the company’s former Head of Talent Analytics.{{Cite news|last=Chung|first=Juliet|date=2020-09-17|title=Steve Cohen's Point72 Settles With Female Employee in Gender Discrimination Arbitration|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/steve-cohens-point72-settles-with-female-employee-in-gender-discrimination-arbitration-11600375911|access-date=2020-09-18|issn=0099-9660|archive-date=2020-09-18|archive-url=https://web.archive.org/web/20200918010844/https://www.wsj.com/articles/steve-cohens-point72-settles-with-female-employee-in-gender-discrimination-arbitration-11600375911|url-status=live}}{{Cite news|last=Goldstein|first=Matthew|date=2020-09-18|title=As Steve Cohen Closes In on Mets, Discrimination Claims Cast a Shadow|language=en-US|work=The New York Times|url=https://www.nytimes.com/2020/09/18/sports/baseball/steve-cohen-mets-point72-discrimination.html|access-date=2020-09-19|issn=0362-4331|archive-date=2020-09-19|archive-url=https://web.archive.org/web/20200919020706/https://www.nytimes.com/2020/09/18/sports/baseball/steve-cohen-mets-point72-discrimination.html|url-status=live}}
External links
- [https://point72.com/ Official website]
References
{{Reflist|2}}
{{Hedge funds}}
{{Authority control}}
Category:Companies based in Stamford, Connecticut
Category:Financial services companies established in 1992