Point72 Asset Management Loses 20 Portfolio managers
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.
Point72’s reaction: No comments, but noted that three managers left Citadel to join Point72 this year.
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