Wednesday, 27 July 2016
Last updated 9 hours ago
Apr 8 2014 | 1:47pm ET
Steve Cohen's Point72 Asset Management, formerly known as SAC Capital Advisors, has hired a “chief surveillance officer.”
According to an employee memo sent Tuesday, Cohen has hired Vincent Tortorella, a former assistant U.S. attorney, to fill the new position. Tortorella worked previously as general counsel for the hedge fund Coatue Management.
The hire is the latest compliance effort by the firm, which agreed last November to plead guilty to insider trading. It comes just two days before a federal judge will consider SAC's $1.8 billion plea agreement, which required the firm to cease managing outside capital. Most investor money was returned at the end of last year. Point72 will manage Cohen's own fortune, estimated at $9 billion.
The renaming and the Tortorella hire accompany a restructuring at SAC, which is installing a new layer of management between Cohen and President Tom Conheeney and the firm's traders, in an effort to prevent future insider-trading violations. The firm is also shutting its CR Intrinsic Investors and Sigma Capital Management units.
The appointment was earlier reported by The New York Times.