BOSTON (Reuters) - Billionaire investor Steven A. Cohen promoted an executive at his Point72 Asset Management to lead the firm’s effort to raise fresh capital now that his ban on managing money for outside clients has been lifted.
Laura Sterner was named Head Capital Development and Investor Relations, Cohen said in a news release on Tuesday. Sterner originally joined Point72 in 2015 and returned earlier this year when Cohen folded Stamford Harbor Capital, an entity he owned and where she had been working, into Point72.
Cohen has long been considered one of Wall Street’s most talented traders but his hedge fund, SAC Capital Advisors, was essentially put out of business when the firm settled insider trading charges in 2013 by pleading guilty to securities fraud charges and paid a $1.8 billion fine.
He rebranded the firm Point72, invested his own roughly $11 billion fortune, and waited for the government’s ban on running a hedge fund to expire on Jan. 1, 2018.
So far Point72 has raised more than $3 billion, a person familiar with the effort said.
Sterner will be the firm’s first in-house marketer since Doug Blagdon, who held that position at SAC for years, left after the settlement. Cohen initially worked with Blagdon’s firm, ShoreBridge Capital Partners, to gauge interest in a new hedge fund but has now brought all fundraising and investor relations back in-house.
The appointment comes roughly two months after the firm appointed Harry Schwefel as co-chief investment officer alongside Cohen.
Reporting by Svea Herbst-Bayliss; Editing by Phil Berlowitz