Wednesday, 27 July 2016
Last updated 23 min ago
Jul 24 2014 | 7:40am ET
The family office formerly known as SAC Capital Advisors has hired a JPMorgan Asset Management portfolio manager.
Point72 Asset Management told its staff yesterday that Scott Braunstein will join the firm as a money manager. He’ll work at the firm’s stock-trading unit, EverPoint Asset Management, in New York, beginning in October.
Braunstein has been co-portfolio manager of JPMorgan’s Global Healthcare Fund since its debt five years ago. A former doctor and the brother of bank vice chairman Doug Braunstein, Scott focuses on biotechnology and pharmaceutical stocks—the sort of investments that got SAC into trouble in recent years, fueling the insider-trading scandal that saw the firm plead guilty to fraud charges and cease managing outside capital.
All told, Braunstein spent a dozen years at JPMorgan Asset Management, which he joined from Deutsche Bank.
At Point72, Braunstein will work alongside Anna Yaeger, the firm said.