Point72 Asset Management
Point72 Asset Management, L.P. is a Stamford, Connecticut-headquartered global alternative investment firm founded in 2014 by billionaire trader Steven A. Cohen as the successor to his prior hedge fund SAC Capital Advisors.[1][2]
The firm deploys multi-strategy approaches encompassing discretionary long/short fundamental equities, systematic strategies via its Cubist Systematic Strategies affiliate, macro investing, private credit, and venture capital through Point72 Ventures, managing approximately $39.9 billion in assets as of July 2025.[1][3]
Emerging after SAC Capital's 2013 guilty plea to criminal insider trading charges and a record $1.8 billion settlement with U.S. authorities—including $1.2 billion in criminal penalties and $616 million to the SEC—Point72 initially operated as Cohen's family office, barred from external capital until Cohen's personal supervisory ban lifted in 2018, at which point it reopened to outside investors.[4][5][6]
Renowned for generating superior risk-adjusted returns through rigorous talent development, including its selective Point72 Academy program that trains emerging analysts, the firm employs over 2,900 professionals across multiple continents and maintains a reputation for high-performance culture amid ongoing scrutiny of its compliance practices post-SAC.[1][7]
Founding and Overview
Establishment Post-SAC Capital
Following the guilty plea by S.A.C. Capital Advisors to criminal insider trading charges on November 20, 2013, which resulted in a $1.8 billion settlement with U.S. authorities and the cessation of its external investment advisory business, Steven A. Cohen restructured his personal investment operations into a new entity.[8][9] On March 11, 2014, S.A.C. Capital announced the rebranding of its family office arm to Point72 Asset Management, L.P., named after its Stamford, Connecticut headquarters at 72 Cummings Point Road.[10][11] This transition allowed Cohen to manage his substantial personal fortune—estimated at over $10 billion at the time—through discretionary long/short equity strategies inherited from S.A.C.'s playbook, while adhering to a two-year ban on accepting outside capital imposed by regulators.[12][13] Point72 was established as a private family office rather than a traditional hedge fund, focusing exclusively on Cohen's assets and employing a core team of former S.A.C. portfolio managers and analysts who had been retained during the wind-down process.[14] The firm maintained S.A.C.'s high-frequency, research-intensive approach to equity investing, leveraging a proprietary network of internal analysts and external research providers to generate alpha through fundamental stock selection and risk management.[11] Initial assets under management were not publicly disclosed but centered on Cohen's wealth, with operations headquartered in Stamford and supported by satellite offices in New York and London to facilitate global market access.[12] To rebuild talent amid the reputational fallout from S.A.C.'s scandals, Point72 launched its Academy program in 2015, a rigorous training initiative for junior analysts aimed at cultivating a new generation of investment professionals through hands-on simulations, mentorship, and performance-based retention.[15] This internal development effort complemented selective rehiring of pre-scandal S.A.C. alumni, positioning Point72 as a meritocratic incubator rather than a direct replica of its predecessor, though it preserved Cohen's signature emphasis on rapid idea generation and portfolio turnover.[16] By late 2014, the firm had stabilized as a vehicle for Cohen's ongoing trading activities, generating returns primarily for his family office without the regulatory scrutiny of public funds.[14]Core Business Model and Assets Under Management
Point72 Asset Management operates as a global alternative investment firm, primarily functioning as a multi-strategy hedge fund that deploys discretionary long/short equity, systematic, and macro investing strategies across various asset classes and geographies. Led by Steven A. Cohen, the firm emphasizes a research-driven approach combining fundamental analysis with quantitative methods to achieve superior risk-adjusted returns, supported by specialized teams and subsidiaries such as Cubist Systematic Strategies for quantitative trading and EverPoint Asset Management for certain equity-focused pods.[3][1] The core model relies on a pod structure where portfolio managers and analysts collaborate on idea generation, risk management, and execution, often leveraging proprietary data and technology for edge in competitive markets. Investments span equities, fixed income, commodities, and currencies, with a focus on both long and short positions to capitalize on market inefficiencies. Point72 also incorporates venture capital through Point72 Ventures and private investments, though these form secondary components to the primary hedge fund operations.[3][17] As of July 1, 2025, Point72 Asset Management reports approximately $39.9 billion in assets under management in its multi-strategy funds, excluding assets in other strategies, advisory subsidiaries, Cohen Private Ventures, and Point72 Private Investments. This figure reflects growth from external capital inflows following the firm's transition from a family office in 2018, positioning it among prominent hedge funds in scale and diversification.[1]