Point72 Asset Management Loses 20 Portfolio managers

July 23, 2019 | Hedge Funds
https://dailyalts.com/wp-content/uploads/2019/07/chess-1151804_960_720-cohen.jpg

Ken Griffin’s Citadel has reportedly offered pay packets in the range of millions of dollars

Point72 Asset Management, once Steve Cohen’s family office, reopened to outside money in 2018. According to available information, Point72 employed about 1,400 people as of 2019.

A Wall Street Journal report said the firm has been having people problems, with about 20 portfolio managers leaving this year. Some of these departing employees had worked with Cohen for more than 10 years.

Is a Point72 Asset Management loss Griffin’s gain?

About a dozen out of the exodus are from the stocks unit of Point72. Five from these have joined the Ken Griffin-run rival Citadel LLC.

Cohen has not taken kindly to this and reportedly refused to shake the hand of one of these Citadel-bound managers.

Citadel outperforming Point72 Asset Management

In the first half of 2019, Citadel’s flagship fund is up 14%, while that of Point72 has risen 9%. No surprises then that Citadel is said to be doling out lavish million-dollar pay packages – regardless of whether the employee is able to earn money for the firm or not.

Point-counterpoint

Point72’s reaction: No comments, but noted that three managers left Citadel to join Point72 this year.

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2020/11/mockup-5288033_640.jpg
Alternative Investments: Accelerate Launches An ETF For Alternative Assets
November 25, 2020     Alternative Investments, News

Accelerate Financial Technologies launched its OneChoice Alternative Model Portfolio in September. Aimed at hard-pressed advisors and portfolio managers, the strategy offered a quick and easy way to put together a…

https://dailyalts.com/wp-content/uploads/2020/11/bitcoin-4852534_640.jpg
Digital Assets: Japanese Financial Group SBI Launches Crypto Lending
November 25, 2020     Digital Assets, News

SBI Group (TYO: 8473) is launching a crypto lending service through SBI VC Trade, its crypto-focused exchange subsidiary. SBI said it will initially allow customers to tender only bitcoin (BTC),…

https://dailyalts.com/wp-content/uploads/2020/11/screenshot-www.hippo_.com-2020.11.25-17_21_34.jpg
FinTech: Hippo Insurance Gets $350M Funding From Mitsui Sumitomo Insurance
November 25, 2020     FinTech, News, Venture Capital

Hippo, the home insurance unicorn, announced Tuesday an investment of $350 million from Mitsui Sumitomo Insurance Company, Limited, a subsidiary of MS&AD Insurance Group Holdings, Inc. In July, Hippo raised…

https://dailyalts.com/wp-content/uploads/2020/11/carrots-4545665_640.jpg
Venture Capital: Astanor Ventures Launches $325M Fund For Impact Investing in Agtech

Based in Luxembourg, Astanor Ventures combines capital, technology, and sector expertise to invest in businesses that build regenerative, scalable, and nourishing food solutions. Using this philosophy, Astanor has invested in…