Four years ago, amidst the, um, unpleasantness, Steve Cohen had to make quite a show of not running a “vertible magnet for market cheaters”/linguistic innovator in the field of insider trading. So he went and hired a McKinsey guy to head things, a new human resources guy to sift the black edge out of the applicant pool and an advisory board for good measure.
Well, no one’s heard from that advisory board since the initial press release. And the McKinsey guy’s gone, either because in addition to being the architect of an ethical work environment he was also the architect of a hostile one, or because now that Steve Cohen’s a hedge fund manager again, he doesn’t need a babysitter. And that HR guy? Yea, he’s “decided to retire.” And in case you hadn’t gotten the message that the “review of Point72’s culture” means “forget the last four years happened,” there’s this:
After six months of searching, Point72 Asset Management — Steve Cohen’s family office and hedge fund firm — has found a new head of U.S. trading in an veteran employee….
[Dan] Lota has worked for Point72 and its predecessor SAC Capital Advisors for fifteen years, according to the announcement. The firm did engage in an external search for Villhauer’s replacement, but ultimately selected Lota.