In 2018, the company reopened to external investors after a two-year ban and began accepting outside capital.[5] The company's office is located in
Stamford, Connecticut.[7]
History
2014 to 2019
Point72 was founded in 2014 by Steve Cohen as the successor to SAC Capital, after the firm pleaded guilty to federal insider trading charges and paid a $1.8 billion fine.[8][9] In March 2014, SAC Capital transferred the bulk of its assets to Point72 and was placed in "run-off," or a winding down of its operations.
Vincent Tortorella was hired as chief surveillance officer, and
Kevin J. O’Connor, was hired as an in-house attorney.[10]
In August 2014, Douglas D. Haynes was appointed president and Timothy Shaughnessy was appointed CEO.[11][12] Shaughnessy retired in 2018 and was replaced by Gavin O'Connor, who joined the firm from Goldman Sachs.[13]
There are satellite offices in New York City, Hong Kong, Tokyo, Singapore, London, Paris, Sydney, Warsaw and Palo Alto.[14]
2020 to present
In August 2020 the firm closed to new money with just over $17 billion under management.[15][16][17]
In January 2021, along with
Ken Griffin's
Citadel Investments, Point72 contributed $750 million to a $2.75 billion emergency bailout of
Melvin Capital, a hedge fund that had incurred deep losses in the
GameStop short squeeze;[18][19][20] Melvin Capital is run by
Gabe Plotkin, a former protégé of Steven Cohen and one of the managers of SAC whose trades were investigated by the SEC.[21][18][22][23] In the first half of 2021, Point72 was reported to have lost $500 million on its investment in Melvin Capital.[24]
Gender bias lawsuits
The New York Times reported that Point72 President Douglas D. Haynes who was hired as managing director for
human capital and then became President resigned in March 2018 "amid [a] gender bias lawsuit" and was replaced as president by Cohen.[25][26]
The firm has faced multiple lawsuits from employees alleging gender and pay discrimination.[27][28][29][30][31][32][excessive citations] In September 2020 Point72 settled a gender/pay discrimination suit brought by Lauren Bonner the former Head of Talent Analytics.[33][34]
^Goldstein, Matthew (11 March 2014).
"After Scandal, a New Name for SAC: Point72". New York Times. No. DealBook. New York, N.Y., United States. The New York Times Company. p. B5.
Archived from the original on 6 December 2019. Retrieved 6 December 2019.
^
abGoldstein, Matthew; Kate, Kelly (25 December 2017).
"Steven Cohen Plans a New Hedge Fund. Investors Are Wary". New York Times. No. Business. New York, N.Y., United States. The New York Times Company. p. B1.
Archived from the original on 27 May 2019. Retrieved 12 June 2019.
^
ab"About72". United States.
Archived from the original on 2022-05-14. Retrieved 2022-05-14.
^Protess, Ben; Lattman, Peter (4 November 2013).
"After a Decade, SAC Capital Blinks". New York Times. No. DealBook. New York, N.Y., United States. The New York Times Company. p. B1.
Archived from the original on 6 November 2013. Retrieved 6 November 2013.
^Goldstein, Matthew (6 May 2015).
"Point72 Hires Ex-Prosecutor as General Counsel". New York Times. No. DealBook. New York, N.Y., United States. The New York Times Company. p. B9.
Archived from the original on 6 December 2019. Retrieved 6 December 2019.