SAC Capital Becomes Point72 Asset Management
Steven A. Cohen, the founder of one of the world's most successful hedge funds, has ripped off his initials from the fund originally named SAC. The company will now be named Point72 Asset Management.
The new name was chosen because its headquarters is based at 72 Cummings Point Road in Stamford, Connecticut.
SAC Capital Advisors LP was started by Cohen in 1992 and, according to the Wall Street Journal, the new firm will primarily manage Cohen's personal fortune, which is currently estimated at $8 billion.
The name change represents a new branding of the company itself, as it was involved in insider-trading back in November of 2013. Cohen agreed to pay a record fine of $1.8 billion regarding these insider-trading charges and pled guilty to securities fraud to settle the allegations.
SAC commented on the insider trading scandal and said that it had returned almost all investor money as of the end of January. Within the past three months alone, two SAC employees have pled guilty on charges on insider trading.
SAC also said that it had decreased its employee count over the last year, from 1,000 people to 850 people.
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