Steve Cohen, who once ran one of the most successful hedge funds in the world until he was brought down on insider trading charges, is looking for young blood for his firm Point72, as reported by Business Insider. Cohen pleaded guilty to insider trading just 16 months ago, and now is restricted to managing only his personal fortune of $10 billion in a new entity, Point72. He is interested in hiring college graduates rather than seasoned professionals with impressive resumes, to work at his fund. One reason is that the graduates can be trained to work according to Cohen’s unique style, which involves intensive research and a detailed approach to picking stocks. Secondly, the hires with stellar resumes often leave the firm and start funds of their own before long.
Even though Cohen is allowed to manage only his personal fortune, this takes up a great deal of time, as he has a staff of 850. The culture of Point72 has changed drastically; when the fund started, 80% of those hired came from other firms. Now, two-thirds are relatively new to hedge funds, and may be right out of college. Representatives from Poin72 are going to college campuses to recruit soon-to-be graduates looking for a promising career in finance.
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