Cohen’s Point72 Approaching Peak Assets (HFAlert.com)
The assets of Steve Cohen’s Point72 Asset Management could soon surpass those of predecessor SAC Capital. Point72 was running $16.1 billion this month. At its peak in 2008, just before the worst of the global financial crisis, SAC had $16.8 billion under management. The Stamford, Conn., multi-strategy shop’s assets subsequently dipped by a few billion dollars, then bounced back to an estimated $14 billion in 2013 – when a federal insider-trading investigation led to the return of all outside capital. The probe, centering on the activities of several former staffers, also led to a guilty plea from SAC, which agreed to pay $1.2 billion to the U.S. Justice Department and $616 million to the SEC.
The assets of Steve Cohen’s Point72 Asset Management could soon surpass those of predecessor SAC Capital. Point72 was running $16.1 billion this month. At its peak in 2008, just before the worst of the global financial crisis, SAC had $16.8 billion under management. The Stamford, Conn., multi-strategy shop’s assets subsequently dipped by a few billion dollars, then bounced back to an estimated $14 billion in 2013 – when a federal insider-trading investigation led to the return of all outside capital. The probe, centering on the activities of several former staffers, also led to a guilty plea from SAC, which agreed to pay $1.2 billion to the U.S. Justice Department and $616 million to the SEC.