Half a dozen employees have returned to work under billionaire investor Steven Cohen at his new firm Point72 Asset Management.
The six moved on after Cohen’s old firm SAC Capital Advisors closed down in 2013-14 after paying a $1.8 billion fine in an insider-trading settlement with U.S. authorities, according to Reuters.
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Former SAC staff move to Point72
Eugene Lipovetsky, Ladd Fritz, Ray Shu, Arjun Menon, Israa Al Bayaa and Stanislas de Caumont will once again work for Cohen as portfolio managers at Point72.
“The interest by former employees in returning to the firm, particularly in London and Asia, reflects the strength of our franchise and the excitement on executing against the firm’s mission and values,” spokesman Mark Herr said on Monday.
According to Herr, Shu is based in Hong Kong while Menon, Al Bayaa and de Caumont are based in London. Lipovetsky and Fritz are in New York. Point72 is a new family office which acts as a private wealth advisory firm for rich families, and has around $11 billion in assets under management.
Point72 chief Cohen to open mental health clinics for veterans
In recent months Point72 has been adding to its ranks of quants. The firm also announced that it had Gio Valiante as “head performance coach to help investment professionals.” Golf psychologist Valiante will hold a full-time position at the company.
Cohen has always pledged $275 million for the creation of a network of free mental health clinics which will serve military veterans and their families. The investor’s philanthropic efforts grew after his son Robert was sent to Afghanistan as a U.S. Marine in 2010.
“Half of all Iraq and Afghanistan veterans say they know a fellow veteran who attempted or committed suicide. Half!” Cohen said. “After 9/11, our veterans rushed to protect us. Now it is our turn to protect them.”
According to the Bloomberg Billionaires Index, Cohen has a fortune of $11.1 billion. He first got involved in the issue of veterans’ mental health when he served on the board of the Robin Hood Foundation.
Despite the closure of SAC Capital Managers it appears that Cohen has come back even stronger with Point72.
However, Point 72 has competition from arch competitor Balysany which is hiring heavily right now.