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Point72 continues overseas growth

November 12, 2018

Point72 Asset Management is pressing on with its overseas expansion, recently opening an office in Australia.

The Stamford-based hedge fund has confirmed the launch of its operations in Sydney, with a team there focusing on “macro” investing. Outside the U.S., the firm also maintains offices in London, Hong Kong, Paris, Singapore and Tokyo.

“We are a global firm and have offices in locations that advance our mission: to be the industry’s premier asset-management firm through delivering superior risk-adjusted returns, adhering to the highest ethical standards and offering the greatest opportunities to the industry’s brightest talent,” Point72 officials said in a statement.

At the same time, the firm’s U.S. footprint is growing, as well. Last year, it opened an office for its Point72 Ventures venture capital group, in the Silicon Valley city of Palo Alto, Calif.

In Manhattan, the firm plans to relocate next year its approximately 600 employees in the city from offices at 330 and 510 Madison Ave. to the new Hudson Yards development on the borough’s west side.

At its headquarters at 72 Cummings Point Road, in Stamford’s Waterside section, Point72 employs about 500. In total, about 1,400 work for the hedge fund.

“Point 72’s global expansion is a manifestation of their investment excellence and the need by global investors to access that talent,” said Bruce McGuire, president of the Connecticut Hedge Fund Association. “There will always be people working out of the Connecticut office who will be tasked with servicing the international clients. For several of the executives, it will provide career-growth opportunities.”

This year, Point 72 has moved from a family-office structure into hedge fund management, following a two-year federal ban linked to 2013 insider-trading violations at founder and CEO Steven Cohen’s previous firm, SAC Capital Advisors.

Point72 has raised about $4 billion in outside capital this year, bringing its total assets under management to approximately $13 billion. The balance comprises assets belonging to Cohen and his family and a select group of Point72 employees.

In September, the firm announced that Cohen had taken on the president post, succeeding Doug Haynes, who resigned in March.

The president focuses on executing the firm’s strategic plan, which is mainly developed by the CEO. Cohen, a Greenwich resident, continues to also serve as CEO and co-chief investment officer.

Haynes, who had held the position since Point72’s 2014 founding, left a month after he was named as a defendant in a lawsuit filed in February by Point72 Associate Director Lauren Bonner, who alleged widespread gender discrimination in the firm.

Point72 officials have denied the complaint’s allegations and not confirmed any connection between Haynes’ resignation and the litigation. In late September, Bonner’s lawyers withdrew her lawsuit and instead submitted her complaint for third-party arbitration.

Point72 officials declined to comment on the arbitration proceedings. A message left for Bonner’s lawyers was not returned.

pschott@scni.com; 203-964-2236; Twitter: @paulschott

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