SAC Capital Advisors, owned by hedge fund manager Steven Cohen, has decided to drop the monogram of its founder in its name starting next month and rebrand as Point72 Asset Management.
Steven A Cohen was found guilty to insider trading, subsequently he agreed with US regulators to cease business as a hedge fund for wealthy investors and be focus on managing on his own assets.
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Reuters quoted a letter by SAC president Tom Conheeney as saying, "SAC will give way to a new flagship name for the parent holding company, Point72 Asset Management, where our management and back office employees will primarily reside."
The rebranding exercise reflects the company’s hope that it will remain in Stamford at its headquarters "for many years to come," Conheeney wrote in his letter.
"We have been through a great deal during the past few years. Our new names, combined with the other changes we have announced, are intended to help us to move forward," he wrote, as reported by the publication.
Under the business transformation, the two new long/short trading units will operate as Point72 Asset Management and EverPoint Asset Management, while the MultiQuant business will operate as Cubist Systematic Strategies.
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By GlobalDataAccording to the company, the new names will come into force from 7 April 2014, completing the firm’s transformation from a hedge fund, to a family office which will primarily manage Steven.
Cohen’s personal wealth, estimated at $11 billion.
