Cohen’s Point72 Goes on Biggest Ever Hiring Spree in Asia
Steven Cohen’s Point72 Asset Management has been on its biggest ever hiring spree in Asia, seeking higher returns amid turmoil in the global hedge fund industry.
The Stamford, Connecticut-based family office, which manages $11 billion, recruited 31 people for its Hong Kong, Singapore and Tokyo offices in the first eight months of 2016, including 21 on the investment side, said Molly Binenfeld, a Hong Kong-based spokeswoman. The new hires brought its employees in the region to about 120, she said.
Point72 is hiring in the region as the $2.9 trillion global industry is grappling with investor discontent over lackluster performance and high fees. It joins peers such as Caxton Associates, Balyasny Asset Management and Folger Hill Asset Management in adding employees or offices in Asia to seek new avenues of growth and better returns.
“The region is very important to Point72,” said Marc Desmidt, Hong Kong-based chief executive officer of its international business, who joined from BlackRock Inc. in January. “We want to take advantage of some uncertainties and tougher times in the industry to get more of that really good talent.”
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