Mr. Cohen indicated late last year that as the firm converted to a family office, an investment firm that is less regulated than a hedge fund but does not manage money for outside investors, he would seek a new name for the firm he founded in 1992 with $25 million. Last month, Mr. Cohen and Mr. Conheeney outlined a plan to streamline SAC’s operation and reduce the number of distinct portfolios it operates to manage mainly $9 billion of Mr. Cohen’s money.
The total number of employees at Point72 has leveled off at about 850 people, down from nearly 1,000 at the firm’s peak shortly before SAC was indicted last summer.
This year, Point72 has hired about 30 analysts to supplant its ranks. But the firm has hired just two seasoned portfolio managers, an indication that veteran hedge fund professionals remain wary of joining Mr. Cohen, even though his firm has made about $1 billion this year.
Hedge fund industry recruiters said hedge fund traders were waiting to see how the pending civil administrative failure to supervise action against Mr. Cohen is resolved and whether federal prosecutors in Manhattan were done investigating accusations of improper trading at his firm. To date, eight former employees of Mr. Cohen have either been convicted or pleaded guilty to insider trading, in addition to SAC’s guilty plea.