(Bloomberg) — SAC Capital Advisors Steven Cohens hedge-fund firm that last year agreed to pay a record fine to settle U.S. insider-trading charges, said it will rename itself Point72 Asset Management.
Point72 reflects the address of its Stamford, Connecticut-based headquarters on 72 Cummings Point Road, President Thomas Conheeney said in the employee memo today.
In the aftermath of our settlement with the government, Steve and senior management considered whether our path forward as a family office would be simpler if we operated with new legal entities and new names, he said. The name change, which will be effective as of next month, was first reported by the New York Times.
SAC said last month that it had returned almost all investor money as of the end of January, leaving it to manage the private wealth of billionaire Cohen, estimated at $8.7 billion. The firm in November agreed to pay a record $1.8 billion and plead guilty to securities fraud to settle allegations of insider trading.
The firms two new equity-trading units will do business as Point72 Asset Management and EverPoint Asset Management, while its quantitative-trading business will be called Cubist Systematic Strategies, Conheeney said. Cohens private investments will be managed by Cohen Private Ventures.
Asia Businesses
The firms businesses in Hong Kong, Singapore and Tokyo will be known as Point72 Asia Asset Management, while some teams in the region will operate under the name of EverPoint Asia Asset Management, the memo said. SAC said in October it would close its London office.
SAC said last month that it had shrunk its headcount to 850 people from 1,000.
Six former SAC employees have pleaded guilty to insider trading, and two others, Michael Steinberg and Mathew Martoma, were found guilty of insider trading in the last three months.
Jonathan Gasthalter, a spokesman for SAC at Sard Verbinnen & Co., declined to comment on the company changes.
