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Komfie Manalo, Opalesque Asia: With only days before the official launch of Steven Cohen's new hedge fund, Point72 Asset Management lost senior executive Jeff Miller, who co-heads the U.S. trading department, reports Bloomberg.
The departure of Miller, who has worked with Cohen form more than 10 years, follows the exit of Phil Villhauer who left in October last year has global head of trading after spending 15 years with the billionaire hedge fund manager.
The exodus of top executives from Point72 could have an impact on Cohen's plan to launch a new hedge fund and signal his comeback next month. Reports said that his new hedge fund has received an estimated $3bn from outside investors so far from, including some 20 institutional investors committing up to $100m each to invest in Cohen's new fund. The hedge fund will stop accepting new capital in March this year.
Cohen was forced to plead guilty to securities fraud charges and coughed up a $1.8bn in fines and civil penalties for failing to police the action of one trader in his former hedge fund, SAC Capital. He was meted a limited ban to manage other people's money as a result. That ban has ended on December 31, 2017.
This time, Cohen is bent on rebuildi...................... To view our full article Click here
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