Julia La Roche
Wall Street WeekDoug Haynes of Point72 Asset Management.
The big question in the hedge fund space is
whether Steve Cohen's family-office hedge fund will open up to outside
capital again.
Speaking at the Absolute Return Symposium in New York on Wednesday, Point72 Asset Management's president, Doug Haynes, hinted at an answer.
He said the firm would consider taking on outside money in the future if it was necessary to meet its long-term goals.
"We are not capital constrained — we are talent constrained," Haynes said.
In January, the Securities and Exchange Commission said Cohen would be barred from running outside money until 2018 as part of a settlement over charges that he failed to supervise a former SAC Capital trader convicted of insider trading.
That opened up a path to managing outside money again. SAC Capital returned capital from outside investors and rebranded itself as Point72 Asset Management after accusations of insider trading at the firm.
Point72 manages the wealth of Cohen and some of the firm's employees. The fund has about $11 billion in assets. As a family office, the firm's growth is based strictly on returns, Haynes said during his talk.
Last year, Point72 posted returns of 15.5%, Haynes said. To put it in perspective, hedge funds on average fell 3.64% in 2015, data from Hedge Fund Research shows.
Haynes said he thought the market environment would be difficult going forward and it could be "rough" in 2016 and possibly 2017.
"We can only keep that going if we keep performing," Haynes said.
Point72's head of human capital, Mike Butler, told Business Insider recently that the firm had been investing heavily in talent. That's because there has been a sea change in the industry, with investment-banking classes shrinking and more young workers heading to Silicon Valley, making it difficult to hire top talent.
Haynes originally joined the firm in 2014 as the head of human capital. He's a former McKinsey director and previously worked for the CIA. Haynes was also responsible for implementing a surveillance program at the fund.
Wall Street WeekDoug Haynes of Point72 Asset Management.Speaking at the Absolute Return Symposium in New York on Wednesday, Point72 Asset Management's president, Doug Haynes, hinted at an answer.
He said the firm would consider taking on outside money in the future if it was necessary to meet its long-term goals.
"We are not capital constrained — we are talent constrained," Haynes said.
In January, the Securities and Exchange Commission said Cohen would be barred from running outside money until 2018 as part of a settlement over charges that he failed to supervise a former SAC Capital trader convicted of insider trading.
That opened up a path to managing outside money again. SAC Capital returned capital from outside investors and rebranded itself as Point72 Asset Management after accusations of insider trading at the firm.
Point72 manages the wealth of Cohen and some of the firm's employees. The fund has about $11 billion in assets. As a family office, the firm's growth is based strictly on returns, Haynes said during his talk.
Last year, Point72 posted returns of 15.5%, Haynes said. To put it in perspective, hedge funds on average fell 3.64% in 2015, data from Hedge Fund Research shows.
Haynes said he thought the market environment would be difficult going forward and it could be "rough" in 2016 and possibly 2017.
"We can only keep that going if we keep performing," Haynes said.
Point72's head of human capital, Mike Butler, told Business Insider recently that the firm had been investing heavily in talent. That's because there has been a sea change in the industry, with investment-banking classes shrinking and more young workers heading to Silicon Valley, making it difficult to hire top talent.
Haynes originally joined the firm in 2014 as the head of human capital. He's a former McKinsey director and previously worked for the CIA. Haynes was also responsible for implementing a surveillance program at the fund.
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