Goldman Sachs, HSBC juniors escaping to Point72
Want to leave your job in M&A or equity research at a tier one (or even a tier three) investment bank in London? Steve Cohen's family office will hire you. Point72 Asset Management, which had until now been mostly hiring traders from investment banks and hedge funds, has suddenly broken out and begun hiring analysts and associates from equity research and IBD. An M&A associate from Goldman Sachs, an equity research associate from Bernstein and an analyst from HSBC have made the cut.
Jack Ingles, a former associate in Goldman's London FIG team, joined Point72 as a long/short equity analyst in September after just over two years at Goldman Sachs. Ingles had only just been promoted to associate under Goldman's programme for speeding juniors through the analyst programme in 24 months. This didn't stop him leaving.
Ten Beng. a former senior associate in Bernstein's European oil and gas team, also joined Point72 in September, as an 'investment analyst.' Beng spent 26 months at Bernstein.
Lisa Jordan, a former analyst on HSBC's macro trading team, joined Point72 as a trader. Jordan only spent 13 months at HSBC before being lured away by Point72 in August.
With around $11bn in Steve Cohen's own assets under management, Point72 offers all the advantages of working for a hedge fund, without the downside of investors who might pull funds out at any moment. There's also the enticement of proximity to Steve Cohen, himself a legendary (and legendarily prickly) hedge fund investor who's now taken to cosily mentoring his young staff.
Point72's London office opened in January this year. In March, Jonathan Jones, head of investment talent development at the fund told us he planned to hire 50-70 people. It's not clear how many have been hired so far, but we suspect there are at least 30 to go.
It's not just juniors who've been flocking to the fund. Point72 also hired Niall Hession from Pimco as co-head of European equity trading in June.