Steve Cohen’s SAC Capital Advisors has renamed itself Point72 Asset Management.
The new name, a reference to the Stamford, Conn., firm’s address at 72 Cummings Point Road, was revealed Tuesday in a memo to employees. The change takes effect next month.
The name change and transfer of employees comes as SAC’s settlement and guilty plea to criminal insider-trading charges goes before a federal judge on April 10, when it may or may not be approved.
“Our two new long/short trading divisions will do business as Point72 Asset Management and EverPoint Asset Management,” SAC President Tom Conheeney wrote in the memo, a copy of which was obtained by The Post.
A third SAC operation, its multi-quant business, will be called Cubist Systematic Strategies, a nod to Cohen’s status as a major modern art investor.
Conheeney said Cohen and senior management decided the firm’s “path forward” as a family office would be easier under “new legal entities and new names.”
Teams from the soon-to-be-renamed CR Intrinsic, Sigma and SAC — all divisions where insider trading took place — will move to Point72 in Stamford and EverPoint in New York City. Employee transfers are scheduled for April 7. Cohen’s private investments will be managed by Cohen Private Ventures.
As part of the deal SAC struck with US Attorney Preet Bharara, the firm agreed to return all outside investor money, accepted a probationary period of five years and has to pay for an independent compliance consultant.
“We have been through a great deal during the past few years,” the memo concluded. “Our new names, combined with the other changes we have announced, are intended to help us move forward.”