Trading & Options · Profile from Trading and Options Research Companion

Point72 / SAC Capital

Steven A. Cohen's firm in two lives. SAC Capital Advisors (1992–2013) was the Stamford, Connecticut, equity hedge fund that charged up to 3% and 50% and reportedly returned about 30% a year net of fees by trading around information faster and harder than anyone else (Wikipedia, citing press). It ended with the largest insider-trading penalty in US history. SAC pleaded guilty in Nov 2013 to four counts of securities fraud and one of wire fraud and agreed to a $1.8bn total ($900m criminal fine and $900m forfeiture, with the earlier ~$616m SEC settlements credited, leaving ~$1.2bn of new money). It also agreed to stop managing outside money. Cohen himself was never criminally charged. Point72 Asset Management (2014–) is its successor. It began as a family office built around compliance and accepted a two-year SEC supervisory bar on Cohen (Jan 2016). It reopened to outside capital in 2018 (~$3bn from about 20 institutions, reported) and put $750m into Melvin Capital in the GameStop week (Jan 2021). By late 2025 it was a ~$41.5bn multi-manager platform with Cubist systematic and an AI fund, reporting ~17.5% in 2025 (Reuters, reported; section 14). Its story turns on the information edge, its legal limits, and rebuilding trust.

At a glance

Founded: SAC Capital Advisors, 1992, by Steven A. Cohen with ~$25m (Wikipedia, citing press); Point72 Asset Management, 2014, as SAC's successor and family office (Wikipedia; month not confirmed — verify)
Headquarters: Stamford, Connecticut; offices in New York, London, Hong Kong, Singapore, Tokyo, Sydney and elsewhere (reported, verify list)
Ownership / structure: Private, controlled by Cohen. SAC's funds pleaded guilty (Nov 2013); SAC ceased to exist as a separate entity in 2016 (Wikipedia). Point72 is an SEC-registered adviser (Form ADV, CRD 283077)
Leadership (2026): Steven A. Cohen, chairman, CEO and co-CIO; Harry Schwefel, president from 30 Apr 2026, when Cohen stepped down from the role; executive committee formed (Wikipedia, citing press — verify)
Strategy: Multi-manager discretionary long/short equity (from 1 Jan 2026 split into Point72 Equities and Valist Asset Management); macro; credit; Cubist Systematic Strategies (quant); Turion, an AI-focused fund (~$1.5bn, Jan 2025, Reuters); Point72 Ventures and private investments (reported)
Scale (dated, reported): SAC: ~$16bn (2008), ~$14bn at start of 2013, ~800 staff (2010) (Wikipedia). Point72: $3bn initial outside fund (2018); closed to new money at just over $17bn (mid-2020); ~$35.2bn (Jan 2025, secondary); ~$41.5bn (late 2025) and $45.7bn (2026 infobox) (Wikipedia, HedgeCo — sources differ, verify). Form ADV regulatory AUM ~$274bn for 2025 (gross; not comparable). 3,000+ staff (2026)
Returns (net, reported): SAC ~30% a year net, 1992–2013 (Wikipedia, citing press); Point72 down ~15% in Jan 2021 (NYT via Fox Business, reported); 19% in 2024 (secondary, citing Hedgeweek — verify); ~17.5% in 2025 (Reuters, reported; other outlets ~16.5–18%)
Regulators: SEC; US Attorney's Office SDNY (2013 case); CFTC/NFA for futures; overseas regulators for local units
Signature moves (incl. failures): SAC's founding and the trading model (1992); the Martoma Elan/Wyeth trades (Jul 2008); the guilty plea and $1.8bn (Nov 2013); conversion to the Point72 family office (2014); the SEC supervisory-bar settlement (Jan 2016); reopening to outside capital (2018); the Melvin investment (Jan 2021); equities split, AI fund and leadership change (2025–26)

8 strategic moves analysed

Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.

1992
Founding SAC Capital
Founding or fund launch
2008
Martoma Elan Wyeth Trades
Large trade or position / insider trading (failure)
2013
Guilty Plea and 1 8bn Penalty
Regulatory, enforcement or legal action (criminal plea; failure)
2014
Conversion to Point72 Family Office
Restructuring / return of outside capital
2016
SEC Supervisory Bar Settlement
Regulatory, enforcement or legal action (settled)
2018
Reopening to Outside Capital
Capital raise
2021
Melvin Capital Investment
Restructuring, bailout or liquidation (rescue investment; loss)
2025
Equities Split AI and Leadership Change
Restructuring / strategy pivot / hiring and succession

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