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Less than 16 months after Cohen's SAC Capital
Advisors pleaded guilty to insider trading charges, the
successor firm, Point72 Asset Management, is shifting its focus
from hiring seasoned investors to bringing in talent that it can
shape in-house, a spokesman for the firm said.
The $10 billion firm, which employs 850 people, including 350
investment professionals, expects a new website, Point72.com to
help recruiting.
At the same time, Cohen, 58, is not looking for outside clients,
his spokesman Mark Herr said in an e-mail, noting that the
website makes clear on every page that the firm is a family
office. SAC was prohibited from managing outside capital and
invests only Cohen's personal fortune.
Cohen's style of stock picking has always been labor intensive
and the firm has long had been among the industry's largest,
with staffing near current levels. But as employees leave, some
to start their own hedge funds, Cohen is looking to replace them
with industry newcomers.
"We've launched a campus recruiting program for undergraduates
unique among hedge funds," Herr wrote.
Cohen traditionally hired analysts and portfolio managers with
long resumes who had often worked at other hedge funds to
deliver the 25 percent average annual return that attracted
scores of big-name investors to SAC.
At Point72, Herr said, three-quarters of the firm's portfolio
managers are now "homegrown" compared with seven years ago, when
80 percent joined from elsewhere. Last year Point72 hired 78
analysts.
Many of Cohen's long-time employees, including Sol Kumin and
Gabe Plotkin, have left and are launching their own hedge funds,
where they can collect management and incentive fees.
(Reporting by Svea Herbst-Bayliss; Editing by Dan Grebler)
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